Saturday August 8, 2020

Our policymakers need to imagine a different future

Our economic model is based on the idea that the future can be predicted by looking at the past but, as the coronavirus has shown, uncertainty should be built into policy

8th March, 2020
Radical uncertainty is the defining feature of modern capitalist economies. Picture: Getty

The growing international narrative of Ireland is one of leprechaun economics. It is not rational expert judgment that shapes how we respond to economic uncertainty, it is the stories we tell ourselves. Modern globalised economies are defined by indeterminacy, interconnectedness and deep uncertainty, so Irish policymakers need to create a different narrative.

The indeterminacy of the future is perfectly captured by the Covid-19 coronavirus. The OECD predicts the disease could halve global growth next year....

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