LAGUNA BEACH, Calif. — With the coronavirus devastating one economy after another, the economics profession — and thus the analytical underpinnings for sound policy making and crisis management — is having to play catch-up.
As they do, we will likely see a further erosion of the distinction between mainstream economics in advanced economies and in developing economies. Such a change is sorely needed.
As for the severity and duration of the coming recession, all will depend on the success of the health-policy response, particularly on efforts to identify and contain the spread of the virus, treat the ill, and enhance immunity. While waiting for progress on these three fronts, fear and uncertainty will deepen, with adverse implications for financial stability and prospects for economic recovery.
That brings us to the third analytical priority: the economics of circuit breakers. Here, the question is not just what emergency policy interventions can achieve, but also what lies beyond their reach, and when. And yet, a cash- and loan-infusion program will face immediate implementation challenges. Aside from the unintended consequences and collateral damage that come with all blanket measures, flooding the entire system in today’s crisis would require the creation of new distribution channels.There are even more difficulties when it comes to implementing direct bailout programs, which have become increasingly likely.
Foundations of sustainable growth All the issues raised above are ripe for more economic research. In pursuing these avenues of inquiry, many researchers in advanced economies will find themselves inevitably rubbing up against development economics — from crisis management and market failures to overcoming adjustment fatigue and putting in place better foundations for structurally sound, sustainable, and inclusive growth.
Some good points, more to work out than can be written in a short paper...
elerianm A short sale ban on equities is inevitable.. will they atleast give us a heads up?
Start UBI now!! Even if you just give everyone 1 cent a month, the infrastructure needs to be in place. Once in place, amounts can be raised and lowered to meet economic demands. Anything else is just whistling past the graveyard.
Really people cant see this for themselves
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