Economic Growth and Leadership in Sierra Leone: An Overview

1. Interaction for Leadership An outline of what shall discuss together

2. Sierra Leone • Its early history – it is one of which we can be proud • The founding of the ‘modern’ nation • The Athens of Africa – just think of the famous names • Influence across West Africa – it spread across the continent • Some important personalities – again look at academia, medicine, diplomacy etc. I

3. The Microenvironment • Types of economic systems the advantages/disadvantages of the THREE • Why mixed have become predominant – the expectations of an electorate • What do they provide? • How do they provide it? • The problems associated with a mixed economic system

4. Micro - 2 • Demand – effective – then it move into Aggregates • Influences – income, access, styles of life, occupations, manufacturing, services – decisions? • Price sensitivity (elasticity) – competitive/non-price factors • Supply – again we need to move to Aggregates • Influences – labour, resources, technology • Price sensitivity – primary products – big problem? • What of Sierra Leone? – World Markets?

5. Demand – Minimum Price

6. Demand

7. Producer and Consumer Surplus

8. Micro - 3 • Factors of Production – resources, labour, capital and organisation • Adding value – how and in what order • Human Capital - UPE, schools, curriculum • Gender issues – cultural influences, micro loans • Allocation of Resources – efficient, quality/quantity • Priorities – what will be the true opportunity costs? • The ways forward? – strategies for development

9. Perfect Competition The most efficient way to allocate resources?

10. Micro - 4 • The process of production – comparative advantage/natural advantage • Capital or labour intensive • Access to skills, training • Access to capital – FDI,MNC, multi/bilateral • Developing the risk taker – sources of funds • Which way for Sierra Leone? – again we are back to development strategies • Globalisation – do you agree with Norberg’s interpretation?

11. Micro - 5 • Competitive Markets – price and output decisions • Monopolistic – competition amongst the many • Oligopoly – competition amongst the few • Controlling monopoly – consumer/producer surplus • Regulating markets – intervention, who has power in a market • Public v Private ownership? – is private enterprise the best way forward? • Government responsibility – again what do the citizens expect/want?

12. Monopolist _ profits Is this to the benefit of consumers?

13. Oligopolies – competition amongst the few How do they behave?

14. Monopolistic Competition – Competition amongst the many Is this a better way forwards?

15. Micro -6 • Market Failure Public Goods/ Merit/De-merit – taxes/subsidies Immobility of Factors – improve? Market Power – what can Sierra Leone do? Imperfect Information – how? Social Costs and Benefits – how to control these?

16. Market Failures

17. Market Failure - 3 Positive Externalities - Consumption

18. Market Failure - 4 Positive Externalities – Production

19. Market Failure - 2 • Negative Externalities - Production