Export Incentives and Industrial Efficiency
Foreign exchange constraint, due to recurring balance of payments deficits, is a common feature of the developing countries. In order to boost the growth of their exports, particularly those of manufactured and non-traditional products, these countries have, from time to time resorted to various incentive schemes which have the effect of creating a dual exchange rate regime. The success or failure of these schemes has generally been judged in terms of improvement in export performance only. But these schemes have many indirect effects which have a bearing on industrial efficiency. Thus there can be situations where production may increase without regard to efficiency and exports may become profitable without being competitive. The expected long run beneficial effects of these schemes may tend to get partially or wholly negated. A prominent example of such a scheme is the export bonus scheme (EBS) of Pakistan which
A Proposal for Fiscal Incentives for the Raw-Jute Exports
While jute is an important crop, jute policy of Pakistan has often been inadequate. Efforts to improve the productivity of jute and to pursue a price policy consistent with the long-term interest of jute in the external market have been peripheral and uncoordinated and all along not been commensurate with the gravity of the issues involved.
What is Enlightenment
Enlightenment is man's emergence from his self-imposed nonage. Nonage is the inability to use one's own understanding without another's guidance. This nonage is self-imposed if its cause lies not in lack of understanding but in indecision and lack of courage to use one's own mind without another's guidance. Dare to know! (Sapere aude.) "Have the courage to use your own understanding," is therefore the motto of the enlightenment.