As a developing country, Jamaica is struggling to maintain a stable economy that matches a level of good growth. Having failed to reach their 4-6% inflation goal this year, the country’s central bank has turned to a new approach: making reggae songs about inflation.
The intent is to educate the people on why inflation needs to be at a specific “goldilocks” level — not too high or too low — since, according to director of public relations, Tony Morrison, Jamaicans understand why inflation numbers shouldn’t be too big (having experienced the disastrous effects only recently), but not why a very low number is also bad. It’s a rather understandable point to be confused upon and isn’t a solely Jamaican problem.
Many people give bottom inflation numbers or deflation an unconditional thumbs up because they associate inflation with low value of money, and thus, high prices. The opposite must logically be good, then — especially when you use the golden words: high value, low prices. However, deflation puts demand on a downward spiral, encourages exorbitant savings — your money’s always going to be worth more tomorrow — and is generally a sign of poor growth. Some inflation means that people are more willing to spend, which means a faster turning economy. It’s why the Federal Reserve over in America sets our inflation rate at the magical number of 2%.
Misunderstandings aside, the bank’s method of raising awareness is a little questionable. The assumption that the Jamaican central bank must jump from formal announcements and economic jargon to reggae songs with basic lyrics in order to communicate to the public seems, whether unintentionally or not, to border on condescending. It’s also rather moot. Do you remember any of the educational songs your teacher played for you in school?
I didn’t think so. And if the central bank thought a lyric video would have a significant impact on the Jamaican economy, they’re in for a shock.
However, some view the project as a fun and endearing move, rushing to applaud the BOJ’s music excursion, and if nothing else, it’s certainly gained Jamaica a little publicity.