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"If a country stubbornly and arrogantly refuses to accept this fact, it stands to lose, while others continue to move forward on an accelerated high gear," Senior Deputy Governor of the Central Bank of Sri Lanka W A Wijewardene said.
"India, being one such country, has identified many areas which were previously non-tradable and took action to promote them actively.
Wijewardene was delivering the Sirisena Tilekarantne Memorial Oration in Colombo.
He recalled how Professor Tilekaratne cautioned that economic policies, which were not supported by solid economic principles, but merely guided by narrow emotion-driven ideologies, were not sustainable.
Countries that were not 'self sufficient' had limitations in foreign policy as they were dependant on other countries, but such freedoms did not necessarily imply higher welfare.
Economic history has shown that countries moved from agriculture to industry and when natural resources limited their expansion, to