The economy is developed over time, partly spontaneously, partly creatively and partly in response to a policy action. Individual economic agents responding to incentives create, expand and close enterprises in expectation of profits or to avoid losses.
The stimulus package follows the movement-control order that bars businesses from operating except those listed as essential services. It is the government’s response to a natural disorder. It has also disrupted the spontaneous order that firms and customers have evolved over time. It is very much possible that now, both essential and non-essential factories will appeal to the government for assistance. The world’s largest low-cost airline, included on the essential list, has already appealed for help. The distinction between essential and non-essential will soon become irrelevant.
Large firms, already well-established and operating on good reserves, may gain a disproportionately larger share of the package. They know very well the players in both the government and lending sector. Small firms will be hesitant, and may be crowded out by the bigger ones. Therefore, a stimulus package cannot be deemed enough, as it only creates the expectation of more.
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