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Discussion of housing usually focuses exclusively on its relationship to the economy. Housing is seen as property, and the most important questions are seen as having to do with buying and selling. This transactional aspect is important. It needs, however, to be seen in the light of the larger human good. From that perspective housing in all the various forms it takes in different cultures is not a possession but a human need.
The world’s financial markets are afflicted by a deep irrationality that imperils their very existence. On the surface, finance looks logical enough with its numbers, charts, mathematics, forecasts, ‘modelling’ and so on. But this only masks the fact that the system itself has been working on underlying assumptions that are either contradictory — such as that you can ‘deregulate’ finance when finance consists of rules — narrow minded or absurd.
The priority given to the middle class was not new — Biden stressed it in speeches through the primaries and again as a candidate. And it is no doubt important. But when seen in the light of the passionate polarisation of the campaign, the closeness of the results, and the continuing mutual antipathy of the supporters of each party, rebuilding the middle class seems an unlikely source of healing.
Despite the heavy focus on 'hard-hat' professions in our political discourse, Australia’s economy is dominated by its service sectors. If this is Australia’s first service sector recession, why is this not reflected in the focus of our recovery and job creation programs?
The global economy was already teetering on the edge of such a debt crisis before the coronavirus hit. The economic shutdowns have accelerated the damage.
Pope Francis’ latest encyclical letter Fratelli Tutti is, as we might have anticipated, a reflection on our times. The burden of the encyclical is to commend fraternity and social friendship and deplore selfishness and hostility in the response to the crisis.
The response to COVID has invited reflection about the relative value of one human death (and so of one human life) as compared with another. This is a radical question because it makes us ask whether the value of a human life is defined by economic wellbeing and by potential contribution to the economy, or by deeper qualities.
The issue of class, economic inequality, has for some time been conspicuously absent in contemporary political debate. In the wake of COVID-19, which will greatly exacerbate income and wealth disparities, such inattention must be addressed.
There will be Great Reset in finance and economics. It is inevitable because the shock has been so great. The first problem is what to do with global debt, which was already at unsustainable levels before the virus hit: over 320 per cent of global GDP. The only way to prevent system-wide failure has been to lower interest rates to near zero levels.
What then, does the case for full employment look like? This is not just an economic question, but too of having access to a decent wage that allows all people to live a decent life.