. Re-orienting the economy in a green, climate-friendly, and fair direction, should not just be a government mission for moral reasons. It is not even because this future world will give us all – rich and poor – a better way to live. It is because not doing so is a risk that is not worth taking.
The Covid-19 pandemic is a wake-up call that we can no longer afford to encroach on and degrade our environment in the way that we have been doing. The wealth of our nations comes from our ability to activate our resources to solve our problems and improve the way we use them through innovation and more mutualistic relationships between the public and private sector. Money is a crucial instrument to mobilise our common potential.
When Roosevelt launched his sweeping New Deal programmes, he did not wait to find the money. The core point of macroeconomics is that spending equals income -– and indeed creates the income. When the private sector is not spending, governments must do the spending or lower taxes to stimulate the spending.
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