Rethinking economic wisdom

There has been much talk that the government has found a magic money tree. In reality, it was never lost, merely hidden from sight. It’s now time to cast aside economic theories that hold no relevance for the 21st century and reimagine a world where worthwhile work opportunities and well-being are the driving force in a post-pandemic world.

Whilst it is not difficult to understand the reasons politicians have been reluctant to base policy around need rather than an archaic belief in raising funds through taxation, the pandemic has provided a perfect basis to educate the public (including politicians) and make real and meaningful changes. The closest theory for reference is Modern Monetary Theory.

To introduce the changes required to improve life opportunities for the nation will need many factors in place, the biggest being belief. Having a real life case study will help, especially as this opportunity may never happen again. Economic theory has always presented itself as full of contradictions and complex mathematical modelling. As a result many people feel excluded and unable to challenge received wisdom. To overcome this a programme of education, using clear arguments involving media, schools and higher education will be required.

To effect wide-scale and lasting positive change to human well-being, in the most far-reaching way, is a once in a lifetime opportunity. The time is perfect, the time is now.




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