Economics –The science that deals with the production, distribution and consumption of goods and services or the material welfare of humankind.
Ubuntu – The act of showing humanity towards others. “A person is person through people”.
In this piece I will be focusing on what these two concepts mean when they are fused together to understand that there should never be one without the other when it comes to the business ethics. The practice of Ubuntu in economics in this essay will be interrogated through job creation, upskilling, supporting local businesses and empowering the youth.
In a country like South Africa, investing in .Job creation is of paramount importance when it comes to developing country like ours. Job creation creates a better quality of economically productive citizens who can buy food and services as well as boost the demand for products which generates economic growth. Creating jobs is all good and well but we need to remember the real secret is in creating sustainable jobs. By creating sustainable jobs instead of short term ones helps create a more stable economy. The ripple effect of unemployment is intense, based on simple history case studies we can see revolutions being driven by unemployment and poverty, which go hand in hand.
Upskilling within an organisation
Upskilling in layman’s terms is the improving of current skills through training in order to keep you current in your field of work. With the risk of tools such as automation and robotics taking over peoples jobs in the future, it is important to keep refining your skills in order to remain an asset to your company. Besides the advantages that upskilling affords the individual and the company, it also helps alleviate stagnation. It is extremely easy for your job to become redundant to the point where boredom occurs. Now with upskilling available one is in a position to learn new things about their field at any given chance.
Supporting Entrepreneurs/ local businesses
Supporting local Businesses/entrepreneurs should just be mandatory. This is important because if we make the conscious decision in keeping and generating wealth in our own communities and country that in itself would give us the much needed boost in our economy. Although supporting local businesses does not completely prevent businesses’ from crashing it sure does minimise the chances of many new small businesses closing down.
Lastly, empowering the youth through education
Investing in the youth is the most important investment that a country can make. Giving the youth the resources and knowledge about how important it is to know and practice the above mentioned points could help with not repeating the same mistakes those who came before them did. Mentoring the young is a way of ensuring the economics of Ubuntu is something that is practised and implemented for the betterment of our country.
All of the above mentioned are just a few examples of how each of us can contribute to the economics of Ubuntu whenever we can. This will not only boost the economy but also the moral in general because South Africa would become a nation that invests in its own children and resources before we consider procuring international goods at hiked up prices. Essentially it is all about looking out for each other and helping out however big or small.
– Khaliphile Memani