Blog|11 February 2021
We are not all Keynesians
Globally, human behaviour had already seen significant changes in recent years, and these changes have accelerated during the pandemic. Albeit painful and unwanted, the pandemic has arguably provided an opportune moment for creative destruction to take its course and for the private sector to develop industries that better suit the wants and needs of people. As such, one of the risks of pushing a Keynesian theme is that it will serve to support some industries that policy-makers have decided upon. As an aside, those decisions would most likely be accompanied by lobbying and uncompetitive endeavours, although even if we assume benevolence, the government cannot know the needs of people better than they do themselves, and cannot act more efficiently than the market mechanism. Invariably, this would hinder the development of new industries.
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