Prof
Pantin responds
Guardian editor and business editor
Anthony Wilson in the August 16 Business Guardian
indicates that
he was persuaded by four “advisors” that
the debate on the performance of the T&T economy
in the 1980s “was important and should be
continued.”
I agree with the rider than it should not serve
as a distraction from the most pressing economic
issue today: how to avoid another economic bust
when, not if, the current boom comes to an end.
Wilson also notes that he was cautioned
to “be
careful that the contestation of ideas does not
degenerate.” I also agree and, in fact, noted
in an earlier column that it is normal for academics
/intellectuals to disagree without any personal
animosity or conflict (in fact they could be best
of friends).
The required professionalism begins
with a summary of the points made by the other
person(s) with
whom one wishes to “contest” ideas.
(Note, for example, that I am noting Wilson’s
points to which I am now responding).
This summary allows someone only reading a response
to be clear on all the issues being debated.
My column of August 12, for example, made four
points. Wilson only takes up one in his August
16 article. For those who may only now be tuning
in let me repeat these four points.
First, I indicated that Wilson
in the article to which I was responding quoted
several statements
made in my 1987 paper on Pt Lisas without providing
the necessary context or summary details. As a
result, a reader could go away with a misleading
impression. I went on to summarise my supporting
arguments. To ensure that this did not degenerate
into a “himself and dem say” discourse
I then cited a Web page where my 1987 paper could
be accessed for independent assessment. ((http://www2.sta.uwi.edu/staff/dpantin).
The second point I made on August 12 is that Wilson
attributed a number of statements to me which I
had never said, stated or could be interpreted
to have meant in anything I have written.
The third point made is that I
was not as sanguine as Wilson that Pt Lisas was
an outstanding success.
I pointed out that to draw such a categorical conclusion
required audited accounts on the entire matrix
of investments undertaken and that, as far as I
was aware, no government has ever produced such
accounts. I then concluded that: “the jury
was still out (in terms of concluding that Pt Lisas
was a success) and awaiting full State accountability.”
Wilson does not remind the reader (who may have
been tuning in for the first time in reading his
article or may not have recalled all the details
of my earlier article) of these three points made
which I have repeated above.
Rather he picks out one paragraph
for his full attention. Here I indicated that “shortly
after” privatisation the prices of the Pt
Lisas products turned upwards. On reflection I
will concede that “shortly after” could
be misleading and I should have retained the earlier “some
time after” which I cut in the interest of
staying within my word limit. The substantial point
made that prices turned upwards and that the companies “are
likely to have quickly recouped their investments” and
made substantial profits is still legitimate. (I
will justify this conclusion in a subsequent article).
The fourth point made in Wilson’s
August 16 article, unfortunately, has nothing
whatsoever
to do with anything articulated in my article to
which he was responding. Yet, Wilson devotes 12
paragraphs, seven points and approximately one-third
of his article addressing what the unwary reader
could interpret to be responses to something I
said.
Here, Wilson queries, inter alia,
whether I hold CL Financial’s success against
them; have a problem with the risk that Duprey
took and the
rewards achieved; have problems with local entrepreneurs
making million-dollar investments and also implied
that I vilify risk-takers in legitimate enterprise.
By no stretch of the imagination can anyone interpret
my August 12 article as drawing any of these conclusions.
To add insult to injury Wilson
also wonders whether I have a problem with the
subsidy on the Tobago
ferry when two to three months ago I actually praised
the Government and THA for investment in the ferry
service (which, in fact, may not be a subsidy in
economic terms: the same as BWIA but that’s
another story for another time).
I am prepared to continue a debate on the condition
that participants respond to points made and only
add new material which can be inferred from what
has been said.
That is what professionals do.
Trinidad & Tobag
Newsday
Thursday 23rd August, 2007
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