Pandemic calls for a new approach to growth | 新冠疫情令新的经济增长方式迫在眉睫 - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT英语电台

Pandemic calls for a new approach to growth
新冠疫情令新的经济增长方式迫在眉睫

Record-breaking plunges in national income do not reflect the full damage to wellbeing
国民收入破纪录的暴跌并没有反映出福利的全部损失。
00:00

The coronavirus pandemic means that 2020 will go down in history as the year with one of the deepest plunges in national income on record. In the UK, which has one of the longest continuous logs of economic output, gross domestic product looks likely to have fallen around a tenth this year, making for the biggest recession in three centuries. Yet even these figures, however eye-watering, do not capture the true collapse in wellbeing, which must be the ultimate goal of economic policy.

In theory, gross domestic product adds up everything that a country produces in one year. The fall in national income during 2020 is easy to explain: interruptions to normal economic activity have meant that far less has been produced. In this regard the drop in gross domestic product will capture some of the missed outings and trips to the cinema, the cancelled holidays and all the meals and drinks with friends that had to be postponed. 

There is, however, plenty that the figures miss. To aggregate the value of very different activities that take place in an economy statisticians use market prices — allowing them to compare the production of both apples and oranges on a common scale. But the absence of these prices for much of healthcare and education in many countries — statisticians merely impute their production from how much the government spends on them — means the disruptions to schools and delays in administering non-coronavirus medical care is missed. Spending on healthcare might have risen but on a net basis societies got far less for their money.

On the other hand, public parks and other green spaces have become much more important but their contribution to the economy will not be registered as part of GDP. Unpaid labour too, those who tried to teach their children at home, sewed personal protective equipment or baked banana bread, will not appear in the story of the year told by national income figures. Nor will the drop in air pollution or the volunteers who took care of neighbours.

Even an accurate counting of the drop in production this year would still miss the psychological damage done by prolonged isolation and loneliness; the “hidden pandemic” of mental health problems. That suggests the solution would not be to expand the definition of gross domestic product to include the production it misses but to consider focusing on wellbeing directly. 

All the same, the experience of this year — when governments shut down their economies in order to protect public health — has shown that economic growth has not been prioritised above all else. Already, a wider definition of wellbeing than a pure economic one is implicitly being used to inform policy. Daily count cases and death rates have played a much bigger role in policymaking than quarterly growth figures. Suggestions that health measures represent a trade-off with economic fortunes have also been overplayed. The best way of protecting jobs this year has been keeping the virus under control: New Zealand, which managed to remain virtually virus-free thanks to an early and strict lockdown, is reaping the economic rewards.

This will remain true when the pandemic has passed. A healthy and well-educated workforce is one of the most important prerequisites to growth and secure, well-paid, high quality jobs are among the best foundations to protect mental wellbeing. Unemployment and poor-quality work can easily destroy people’s sense of self-worth while a robust private sector is essential to provide the tax revenues for health and education. The goal should be to create the kind of society where economic growth and wellbeing go hand in hand.

undefined

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

央行行长们的新年计划

决策者应承诺公布“中性”利率水平的估计值。

马斯克会成为英国民粹政党的政治捐赠人吗?

科技行业亿万富翁正在“认真考虑”向奈杰尔•法拉奇领导的英国改革党捐款。

Lex专栏:本田和日产要用越野思维来解决电动化挑战

传统汽车制造商与其试图建立电动汽车制造规模,不如另辟蹊径。

Lex专栏:投资者厌倦了“画饼式”能源转型公司

无论战略多么高瞻远瞩,股东的耐心都会被消磨殆尽。

在特朗普执政期间,加密货币监管需要经过深思熟虑的重新审视

期待已久的公共政策支持可以提升美国在区块链技术、人工智能和加密货币领域的领导地位。
1天前

特斯拉努力避免取消马斯克薪酬方案的高昂成本

如果这家电动汽车制造商和首席执行官被迫放弃2018年的交易,他们可能会面临超过1000亿美元的会计和税务费用。
设置字号×
最小
较小
默认
较大
最大
分享×