By Anthony Emeka Nwosu,
Dr. Omoniyi Ibietan, Head of Media Relations at the Nigerian Communications Commission (NCC) and Secretary-General of the African Public Relations Association (APRA), has called for a re-evaluation of the economic philosophies that prioritize customers and employees in the value creation chain. Speaking on the enduring relevance of classical economic theories, Dr. Ibietan emphasized the need to balance the Smithian notion of free markets with the critical role of labor in driving economic prosperity.
Dr. Ibietan, who holds a Ph.D. in Communication from North-West University, South Africa, highlighted the foundational works of Adam Smith, Karl Marx, and John Maynard Keynes as the pillars of modern economic thought. He noted that while Adam Smith’s emphasis on competition, capitalism, and free markets remains central, the role of labor—as articulated by David Ricardo’s Labour Theory of Value—cannot be overlooked. According to Ricardo, the value of a commodity is proportional to the labor invested in its production, underscoring the importance of human resources in economic systems.
In his analysis, Dr. Ibietan also revisited the “Diamond-Water Paradox,” a concept popularized by Adam Smith in The Wealth of Nations (1776). The paradox questions why essential goods like water, which are indispensable for survival, are often cheap, while luxury items like diamonds, with limited practical utility, command high prices. “This contradiction between value in use and value in exchange,” Dr. Ibietan explained, “reflects a broader dilemma in how we perceive and prioritize resources, including the roles of customers and employees in the value chain.”
Drawing parallels to modern economic dynamics, Dr. Ibietan argued that employees, much like water, create the foundational value that customers seek to satisfy their needs. However, he noted that customers also play a crucial role in sustaining the existence of employees and businesses. This interplay, he suggested, presents an “inescapable dilemma” that requires a nuanced approach to economic policy and organizational strategy.
Referencing Professor Tim Jackson’s seminal work, Prosperity Without Growth, Dr. Ibietan called for a rethinking of traditional economic models to better address the dual importance of customers and employees. “Just as water and diamonds each hold distinct yet invaluable roles, so too do employees and customers in the economic ecosystem,” he stated.
Dr. Ibietan’s insights come at a time when global economies are grappling with issues of inequality, labor rights, and sustainable growth. His call to revisit classical economic philosophies while addressing contemporary challenges underscores the need for a balanced approach to value creation and distribution.
As the Secretary-General of APRA and a leading figure in Nigeria’s communications sector, Dr. Ibietan’s perspectives carry significant weight in both academic and professional circles. His remarks serve as a timely reminder of the enduring relevance of economic theory in shaping policies that promote inclusive and sustainable growth.
Disclaimer: The views expressed by Dr. Omoniyi Ibietan are personal and do not necessarily reflect the official position of the Nigerian Communications Commission or the African Public Relations Association.
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