Post
Topic
Board Economics
Re: returning to normal
by
tyz
on 13/06/2020, 22:33:48 UTC
what do you think---are entire industries about to disappear because of the pandemic? will some aspects of the economy and general life irreversibly change after this?

Such narrative are problematic in my opinion. I remember the narrative of "the end of history" by Francis Fukuyama at the beginning of the 1990s after the breakdown of the Soviet Union. A narrative which was supported and spread by so many intellectuals. Today we know the narrative was wrong.

Or the narrative at the beginning of the 2000s that the future of the economy is not in industry and production, but in the service sector. We have known since 2008 that this was wrong. Those countries that have relied on service and cut back on their industry have so far recovered less well than those that have continued to rely heavily on industry.

Nevertheless, such crises always change the world sustainably. The only question is how much.