We were told we were very rich (and f that)

There’s one scientific study “where they give two groups of kids relatively easy math problems. The first group they tell “wow, you must be really smart to complete all those!”, the second group they tell “wow, you must have worked really hard to complete all those!”. They then give them another set of problems far above their skill level. The second group of kids, the ‘hard-workers’, work much longer at the problems before giving up on them. And when both groups are given another set of relatively easy problems, the first group’s performance takes a nosedive.” (via hegemonicon on HN).

What were we told when we were at school?

  1. Vietnamese are smart, creative, and hard-working (thanks god they also told us this!)
  2. Vietnam is rich. We have gold forests, silver seas, and all that wonderful stuff that we would never use up.

I think Japanese kids were told something like this:

  1. Our natural resources are scarce, if any.
  2. We need to work as hard as possible to enlarge our wealth.

There’s a lot in common between the above-mentioned study and how we’re doing as a country. When we have a lot, we waste. No hard-work. No sweats!

The recent National Assembly meeting has alarmed that we are wasting an awful lot of money with ICOR being > 8. That basically means if we invest 8 dollars, we get back 1 dollar of growth. This is a ridiculously high ICOR compared to many other countries’.

For years we’ve been known to be a fast-growing, but little is known that we’re burning up our resources for that 8.x% growth rate.

More sadly, most of this ‘s been fueled by government spending. In other words, we’re buying growth at the expense of tax payers and natural resources, leaving nothing for our children in future.

It’s high time we should tell our children that we’re POOR and they need to work HARD to earn whatever they want. Would you tell them otherwise?

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2 Responses to We were told we were very rich (and f that)

  1. Chris says:

    Wow. Very interesting post, kiddo. I’m going to tell my kids that we are poor and they are hardworking. :)

    Just to find some kids!

  2. Mimo says:

    Hi Anh Hung,
    My parents always told me we were poor and now I’m constantly worried about money and the future, lol.

    I guess that’s why we’re working on Mimo.vn- to work hard to and build something in Vietnam, for local Vietnamese.

    That said, we really respect your thoughts on the local Web, and would love to hear your thoughts and impressions on the service, anything we can think about and consider to improve the service.

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