I am not saying I have the answer for what sort of 'economic' model Somalia should adopt because it's a philosophy and will never end the opposing side of it. But I can compare what a Somali is worth in real sense of the market if 'valued' today.
$2 million dollars is what all your body parts are worth. It does seem to be highest 'product' value that I have seen. So let's compare what a westerner productivity over a life-time is.
He starts with 2 million dollars in terms of his own 'body' worth.
His life-time spending is 50k x 40 years of work. Thats 2 million worth of paying his taxes, general spending, cars, house, investing, or donating are all options he could've done in his life but what he did isn't the question, the fact he added back 2 million dollar worth cash has created businesses to respond to the demand and therefore hire more workers, it has provided the govt with two sources of tax revenues business/labour/product or service itself being transacted gets taxed.
So we could say safely a 'lower' end westerner on a modest 50k salary has generated 2 million dollars worth of value from his hard labor. So his basically 'worth' 4 million dollars by the time he returns to dirt.
@Teeri-Alpha is there any factor I may have forgotten here since your an economist? but is that a good 'estimate' based on the 'lower end' unskilled worker market rates in most western countries? we can scale to different levels of workers, professional, academic, govt, corporation, banks and collect another sample, but there is no need to becuz my point isn't to justify anything there but to work of their 'poorest' contribution.
If their poorest outside the welfare one and disabled cause their not included, I would think it's safe to say 50k is the unskilled industry salary of the west, outside of 'mcdonalds or minimum wage workers' and those types of places. I know there is some 'variation' like a general person won't start on 50k immediately as he gets a job and their will be cycles of working on 30-40k if your not experienced or something like that in the unskilled market.
$2 million dollars is what all your body parts are worth. It does seem to be highest 'product' value that I have seen. So let's compare what a westerner productivity over a life-time is.
He starts with 2 million dollars in terms of his own 'body' worth.
His life-time spending is 50k x 40 years of work. Thats 2 million worth of paying his taxes, general spending, cars, house, investing, or donating are all options he could've done in his life but what he did isn't the question, the fact he added back 2 million dollar worth cash has created businesses to respond to the demand and therefore hire more workers, it has provided the govt with two sources of tax revenues business/labour/product or service itself being transacted gets taxed.
So we could say safely a 'lower' end westerner on a modest 50k salary has generated 2 million dollars worth of value from his hard labor. So his basically 'worth' 4 million dollars by the time he returns to dirt.
@Teeri-Alpha is there any factor I may have forgotten here since your an economist? but is that a good 'estimate' based on the 'lower end' unskilled worker market rates in most western countries? we can scale to different levels of workers, professional, academic, govt, corporation, banks and collect another sample, but there is no need to becuz my point isn't to justify anything there but to work of their 'poorest' contribution.
If their poorest outside the welfare one and disabled cause their not included, I would think it's safe to say 50k is the unskilled industry salary of the west, outside of 'mcdonalds or minimum wage workers' and those types of places. I know there is some 'variation' like a general person won't start on 50k immediately as he gets a job and their will be cycles of working on 30-40k if your not experienced or something like that in the unskilled market.