Home Economy Economics ripe for a post-pandemic shake up as COVID kills old assumptions

Economics ripe for a post-pandemic shake up as COVID kills old assumptions

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At it’s heart, economics is fundamentally the social science of distribution — who gets what.

And, right now, the pandemic has thrown a spanner into the works: no-one, or at least, very few people, are able to get everything they want or, in many cases, even need.

Fresh food shelves have been stripped bare in thousands of stores around the country, rapid antigen tests can’t be found for love nor money and even the ubiquitous painkiller paracetamol is in short supply.

In some cases, this is due mainly to extraordinary demand, both genuine need and panic-induced, but in others, it’s a lack of supply.

While these supply chain disruptions are temporary, they have exposed a greater truth about some of the key failings of orthodox economics and the policies and practices based on it, as have other events in the pandemic.

Which workers are really essential?

Who do we miss most when they don’t turn up to work?

If I couldn’t work from home and write this…

Click here for full article…www.abc.net.au