The situation is more concerning than it appears.
Half of the population is unaware that in today’s complex world, decisions can no longer be made by a single scholar, as was the case 50 years ago, exemplified by the Marshall Plan.
Modern global problems are too intricate for one person to address. The number of variables involved has grown significantly compared to the two primary factors in most economic analyses, such as interest rates and growth.
Solutions should not begin with defining variables but with strategic analysis, identifying key players, and understanding their motivations and alliances.
Many plans fail because crucial stakeholders are overlooked.
The 2008 financial crisis began when an economist declared on Bloomberg Channel that all banks were bankrupt, a criminal act.
To worsen the situation, he claimed the FDIC – Federal Deposit Insurance Corporation was bankrupt as well.
Yet, there is no mention of Nouriel Roubini’s initial role in the literature on the crisis.
Think tank proposals often revolve around allocating more funds, although this is not always the solution.
Many proposals neglect to address the underlying issues and implementation strategies.
This is because most think tanks consult economists, rather than professionals with MBAs.
The world needs multidisciplinary, non-partisan, evidence-based scholars who can effectively communicate and develop appropriate solutions.
However, this is not the current reality.
No public policy recommendation includes a marketing plan, implementation plan, review plan, or stop-loss scenario.
When to recognize failure is essential in public policy, and that has to be discussed in the beginning and not when the policy is not doing well.
Even after explaining the concept of think tanks, we must convince the public of their necessity.