Bukola Saraki has said that they will not allow the Police under the present leadership to turn Nigeria into a Banana Republic and that the hostile, brutal, needlesss, tactless and uncivil response of the Police under Mr. Ibrahim Kpotum Idris to the peaceful, lawful and justified procession was in contrast to how the same police responded to a similar protest by the opposition in We know that Nigeria has not turned to Banana Republic and we will not allow the Police under the present leadership to turn it to one, no matter the expertise for evil being displayed by its top personnel.
Home Markets Thinking Economics Most human behaviour can be viewed through an economic lens to identify trends, patterns, biases and misconceptions. This column assesses Nigerian behaviour by applying Economics to behaviour and behaviour to Economics.
In such cases, information is asymmetric — the mechanic has far more information regarding the transaction than you and I. Economists believe that such information asymmetry leads to rational distrust, which can cause markets to break down.
For example, a mechanic who wanted to prove his integrity would be confident enough to give the customer an assurance that if the product breaks down soon after repair, he would replace and service it for free. This sends a clear signal that the mechanic believes in the quality of his work.
Anyone who has had to apply for a formal job will be intuitively familiar with the concept of signalling. Employers want competent, capable, team-oriented employees, but this is difficult to judge from a couple of interviews.
So aspiring employees must prove themselves by spending 4 years or more in a rigorous educational program. In a world full of far too Chuba chuiba bababa information, you need this filter.
An entertaining example of signalling is an incident that occurred last week when a lady informed the guy she was dating that she would be announcing him on Twitter. If she really was the only one he was talking to, she presumed that he would have no issue with the publicity.
The finance world gives us another example of costly signalling. The owner of a failing firm would struggle to imitate this signal because it is too costly to keep the junk stock.
So what happens when signals lose their ability to be costly and in the process, lose their effectiveness? When we lower the cost of obtaining a signal, it becomes ineffective. It opens the floodgates for anyone to enter the market and cause uncertainty.
When Nigerian schools fail to put students through rigourous and appropriate education, the point of being a signal is ruined.
The extra headache of trying to sort out competent employees from slackers is one reason some firms unfairly discriminate against graduates from Nigerian schools. Presumably because such schools provide a signal that these employers find credible enough.
The perversion of modern day christianity is another example of what happens when the cost of signalling falls. For the title of a christian to be a good signal, it would have to be costly. One would have to demonstrate sacrifice that not everyone could pull off.
In the past, identifying as a christian would have gotten many people killed. Thankfully, that is not the case in many parts of the world today. Inspirations in Nigeria are another example of how signals can lose their effectiveness once the costs of obtaining them are lowered.
Becoming an inspiration requires an arduous process of integrity, hard work and diligence. But what happens when one replaces this process with wealth?
This lowers the cost of obtaining such a signal. However, when inspiration becomes about who obtains wealth, regardless of the means, then purchasing a house in Banana Island apparently gets one into the inspiration Hall of Fame.
The means become irrelevant. The danger in these examples is that they lower what it should cost to be termed an inspiration. They essentially devalue the essence of being an inspiration.Feb 20, · п»ї Write endeavor.
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