I have to say that I have been charmed by the approach taken by the Government to bring us out of the lockdown. I find this especially extraordinary:
“Value created by establishing successful products and services, the ability to be able to sell them at a competitive and profitable price and into growing and sustainable markets. It’s economics 101.“
Here’s the thing. It is not Economics 101 and has not been for two generations. It ought to be, but isn’t. Because this is an entirely supply-side statement. There is not an ounce of C+I+G anywhere to be seen. It is entirely about Value Adding as the absolutely necessary core for regenerating growth.
Keynesian economics may really be dead, and not a moment too soon.