In a thread in the property investment section Bearishbull made the point that; "the Irish economy is highly vulnerable to any global shocks/recessions and is becoming more and more uncompetitive and over reliant on foreign multinationals and property"
A good point in context but I disagree on one point; I am of the view that the areas of the economy that are making us uncompetitive are:
The construction industry, because price has little relationship to cost of production and it is in the throws of a speculative boom.
The professions, because they control entry into their ranks and if you control supply you can earn supernormal profits (leaving cert economics).
The increase in the number of public/state/semi-state sector jobs, because as with their equivalents anywhere in the western world there is no major imperative to be cost efficient.
Government fiscal policy which is fueling an overheated economy.
I would have thought that the multinational sector is probably the most efficient part of the economy as it is constantly being benchmarked against international competition.
Am I wrong or am I missing anything?