Framing economic policy

You’ve been framed: Why Narratives Matter

How many times have you seen a headline similar to this – “Nigeria loses $34 billion to tomato/fish/toothpick imports?” If you’re Nigerian, you’ve heard an assertion like this at least once. And how does it make you feel? Angry, right? How could we be losing so much money by importing these items? If you share this or a similar reaction, you’ve been framed. Nigeria does not “lose” money when it spends on a foreign good. Why? It receives a good or service in return. If we were to spend ₦34 million purchasing military weapons to counter a terrorist insurgency, would this be described as a loss of ₦34 million or simply a transaction where we parted with ₦34m and gained valuable weapons? ….[READ]