Money is not capital in most of the developing countries. It's just cash. Because it lacks the institutional, organizational, managerial forms to turn it into capital.
Ashraf GhaniRead
Economics taught in most of the elite universities are practically useless in my context. My country is dominated by drug economy and a mafia. Textbook economics does not work in my context, and I have very few recommendations from anybody as to how to put together a legal economy.
Interpretation
What this quote means
The quote criticizes traditional economics for being irrelevant in a context dominated by illegal activities.
Ashraf Ghani's statement highlights the disconnect between academic economics and the realities faced in regions where illicit economies, such as drug trafficking, prevail. He emphasizes the need for practical, context-specific solutions rather than standard textbook theories that do not account for the complexities of such environments, reflecting the struggles of nations trying to build a lawful economy amidst entrenched criminal networks.
Themes
EconomicsContextDrug EconomyMafiaLawful Economy
In practice
Example use cases
In a lecture about the applications of economics, one might use this quote to illustrate the importance of context when studying economic theories.
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