Summary
A dollar in the United States fetches more than a ringgit in Malaysia. Therefore, its bid to become a high-income society should make sure that every ringgit is stretched further for the average Malaysian.
ADAM SMITH, the father of economics, postulated in his Wealth of Nations that scarce money is better spent to acquire things that one is not good at producing. On the contrary, one is well-advised to concentrate on producing what one does best. The term `one' may mean a geographical location, like a country or region, or an individual talent.See the full content of this document
Extract
Helping Malaysians Spend Better
Enjoying such a comparative advantage, countries found it better to trade with each other to enhance wealth. In the 18th Century, China was the world's richest country. It was endowed with relevant minerals, cereals and textiles, silk included. It had invented explosives and built mammoth structures. However, for its unwillingness to open up and trade with the world, it became one of the poorest by the end...
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