By: Austin S Fallah-A Student of Keynesian Economic Theory.
“A Believer in Labor Pattern of Economic Growth, The Way to Economic Independence for Developing/Third World Nations.”
I agree with the Liberia Minister of Youth and Sport, Cllr. Jerry Cole Bangalu
The government’s role in job creation is a complex and nuanced aspect of economic development.
Every government around the world acts as both a regulator and a participant.
Depending on the government strategies, it can either propel economies forward or stifle growth.
At the core of this dual-edged sword lies the question.
How much should the government intervene in employment?
A government that takes on the mantle of the largest employer may temporarily alleviate unemployment but risks overshadowing the private sector, discouraging investments, and stunting long-term growth, as has been the case with Liberia.
I agree with the Liberia Youth and Sports Minister (Cllr. Jeror Cole Bangalu) that the government of Liberia can, however, play a catalytic role in job creation by fostering an environment conducive to private sector investment.
I want to add that governments worldwide, particularly the Liberian government, can, through policies that encourage entrepreneurship, reduce bureaucratic barriers, and provide necessary infrastructure, governments can stimulate industries to generate sustainable employment opportunities.
For example, tax incentives for businesses, investments in education, and skill development programs create a competitive workforce that attracts local and foreign investors, ultimately leading to job growth.
Conversely, when governments monopolize employment opportunities, they can create an unsustainable dependency on public resources.
This dynamic strains national budgets, as we continue to see in Liberia, and limits the innovation and adaptability often driven by private enterprises.
Economic theories, particularly demand and supply, have taught us or continue to teach us that countries with heavy public-sector employment demand) frequently experience inefficiency, lower productivity, and fiscal challenges (supply).
Striking a balance between public-sector jobs and enabling private-sector expansion is essential for long-term economic stability.
In essence, the government must wield its dual-edged sword with precision.
It should focus on creating policies that facilitate private sector participation while strategically investing in sectors where market gaps exist.
By fostering collaboration with businesses and prioritizing workforce development, the government can ensure a thriving economy where job creation is sustainable and inclusive.
