All my life I’ve said: “Always look at the other side of any coin they are offering you.”
E.g., "Risk aversion comes at a cost - a cost that might be acceptable for developed and industrialized countries but that might be too high for poor and developing ones. In this respect the World Bank has the responsibility of helping developing countries to strike the right balance between risks and growth possibilities…. In this respect let us not forget that the other side of the Basel Committee’s regulatory risk weighted capital requirements coin might be many, many developing opportunities in credit foregone."
That was part of a statement I made as an Executive Director at the World Bank in 2003.
Few years later I became aware that I should not have mention risk aversion as a possible "acceptable cost for developed and industrialized countries".
My X (tweet) today:
"Against US$4 per hour, we could find ways to compete, but against those willing to work for US$1 per hour, how do we do that?"
The other side of that coin:
"If I don’t have the US$1 per hour job, how can I and my family eat?"
Life ain’t easy.
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