The Hon. (Prof.) Anil Jayantha - Minister of Labour and Deputy Minister of Economic Development
The Minister rejected a claim that he had described the ARDL autoregressive model as the Government’s economic model, stating that it is a statistical tool rather than an economic model. He argued that older production-function and macroeconomic models cited in debate are being overtaken by behavioural, complexity and AI-based approaches, and said the Government’s economic model should be assessed over its five-year term before being defined or labelled.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 The Hon. Member spoke of a “discussion” between us. It was during a Parliamentary debate. He misrepresented what I said. I did not say the autoregressive model is our economic model. ARDL is a statistical model, not an economics model. If the Member misunderstands models in economics and throws in various things, we can have a separate debate. The models he cited — the production-function-based Cobb-Douglas and subsequent macro models — are classical and old. The world now moves towards behavioural and complexity models, AI-based approaches. Our model is evolving. Judge us over five years; then give it a name and describe our economic model.
Provenance
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- Hansard, Tuesday, 18 February 2025 ·No. 1740219460090985 ·English daily/uncorrected Hansard
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Cite as: The Hon. (Prof.) Anil Jayantha - Minister of Labour and Deputy Minister of Economic Development. 10th Parliament, Parliament of Sri Lanka. Hansard, 18 February 2025. No. 1740219460090985. Politick, https://staging.politick.io/lk/speeches/56