How do we manage economics? The answer? Politically.
In that sense, it’s not too far-fetched to deem philosophy, economics and politics as one and the same or a three-headed derivative of a whole. We’re given economic opportunities from birth and conduct them by the rule of law in order to perform our existential purpose on earth.
Is it so wrong to criticise market speculators on Wall Street? Looking around, what are businesses made of before we look at what they sell?
When you enter a shop, where does that counter come from? Is some poor underpaid soul skimming his or her dreams for a penny to open their own shop? That lamp, which monkey factory produced it?
After all, how pious are we in all of this?
If I wanted to go full-swing down the sustainability route, I would stand naked as I write this, forced to give away the clothes I’m wearing. How eco friendly is the roof of my house? Should I care?
Time stopped and here we are
A book sits on a desk. A book the owner intends to give to his son one day.
It was written 250 years ago by a philosopher and its topic – the wealth of nations – is also its title. The author, Adam Smith, is considered the father of modern economics.
Did he envisage the world we live in today and was he seeking to guide us or was he trying to warn us?
To end, here is the International Monetary Fund’s new report Markets In The Time Of Covid-19, which reveals a precipitous fall in risk asset prices and unprecedented outflows from emerging markets. It provides a comprehensive overview in terms of market reaction and the financial stability risks that are still unfolding.