A Stanford economist wants a new 'New Deal' that redesigns the economy rather than rebuilds our broken one. Here's what that would look like. (by JacksonmMatt)
" is a professor of economics at Stanford University and an external faculty member of the Santa Fe Institute.
Jackson says we should invest in infrastructure, education, research, safety net programs, and trade.As the world begins to open from the first wave of the coronavirus, it will become increasingly clear that its human and economic damages will be with us for a long time. We already have the highest unemployment rate since the Great Depression; many retail, tourist, and service-related businesses are in default.
Second, we have some minimal economic safety nets in place that did not exist at all in previous pandemics and depressions, including various forms of unemployment insurance, medical insurance, social security, and other savings. It is an opportunity to build a new economy, if one can resist the urge to rebuild the old one. It is also a chance to reverse pernicious trends, such as the rising inequality that was reaching record levels even before this crisis began.
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