Reflections from the evolving research program:
Chance to correct persisting incongruities & imbalances
Any country should be able to more than even out COVID19 economic wreck just by sincerely addressing the incongruities & imbalances with which their economic resources are built-up over many decades. Would any country try that out? Hard chances …
COVID19 makes ‘Economics’ simple
COVID19 makes ‘Economics’, ever believed to be complex and hard to understand subject, downright simple. It is all down to basics right now. Continuing to view it by complex prisms and with this sense of professional elitism can be grossly misleading…
Discipline recklessly galloping sectors
COVID19 turns the need to shift focus on deflation management from just inflation management abruptly for all countries. An ignored ‘approach’ in economy management, one which is deliberately engineered and ably managed to tame recklessly galloping sectors. Realty, rent in particular, would need legal instruction to make it budge, well in time.
COVID19 creates an extended period of slow revival coupled with desperate expectations across sectors which would be highly conducive to re-learn practical economics to reset theories in aiding governments in ably managing economy.
Governments that would objectively cultivate and promote learning efforts can hope to work with befitting policies in correcting incongruities in the use of economic resources for creating a well balanced society and thereby also gain competitive advantage in the post COVID19 world …
Land / Rent
Should countries deliberately try to manage economic distress with engineering deflation as a good part of the approach; safe, equitable and most ethical start point is with the resource that signifies accumulated wealth much of which was apparently built from nothing but ‘desired & thrust’ inflation i.e. RENT (all; industrial / commercial / residential).
Rent, the derived return for Land - the store house of surplus wealth, demanded for housing factories (machinery) and the labour (not just workers) being offensively disproportionate with the insignificant input thrusts massive charge on the cost of the (economic) products. RENT (land cost) which dramatically rose through the past about three decades owing to lack of thoughtful governance would now need legal / government instruction to make it budge..
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