Our Member of the Board of Directors H. Cahit SOYSAL's Article entitled What I Believe in Economics and What I Don't Believe in was Published in Dünya Newspaper on 30.05.2022

Since I will make economic analysis, I can start by specifying what I believe in and what I don't believe in in the economy:

- If there is such a concept as production factors in economics, I believe that the main determinants are these factors. I do not believe in the influence of virtual factors that economics does not accept.

- I believe in Market economy despite all the negative factors it creates. I do not believe in production models in which all production factors belong to the state or are under state control.

- I believe that in economics there is a cost to include every factor of production in the production process. Since subsidies from public sources also have a cost to society, I do not believe that a factor that does not have a cost can be included in production if there is no slavery order.

- I believe that development and growth can only be possible in a legal climate. I do not believe in overestimating the prospects for development or growth in a place where there is no law or where it is very weak.

- I believe in the success of economic systems in which the public does not intervene much in the economy when extraordinary conditions such as war, famine and global climate change are set aside. I do not believe that it is possible to get the economy back on its feet with excessive interventions of the state.

- I believe that the most important factor of production in economies that want to survive in global competition is trained manpower. Although it is possible to somehow acquire other factors of production, I do not believe in economic growth models in which the trained manpower is weak.

- I believe in economic structures where the law is established and the search for rights has not spread over decades. I do not believe that the economy can be controlled by police measures.

- I believe in an open global economy. I do not believe in closed import substitution models in an environment where there are no very extraordinary conditions.

- I believe that the level of general well-being will increase in an economy where there is an advanced level of competition. I do not believe in economic structures where there is no competition or unfair competition is not prevented.

- I always believe that honest and sustainable entrepreneurs will win in global competition. Although entrepreneurs who do deceptive things can make a profit in the short term, I don't believe that unreliable entrepreneurs will be profitable in the long term.

- I believe in “general truths” in money market, foreign exchange market transactions. I don't believe in self-interest theories or “external forces” lies.

- I believe that Turkey has achieved a good momentum in the direction of growth and has an economy that can make an impact at the global level in maybe 30-40 years. I don't believe in theses that Turkey is too small and weak or a big player on a global scale.

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