You believe we are in the midst of a paradigm shift in terms of the way we measure the economy. Please explain.
The COVID-19 shock put the spotlight on many serious existing problems within our economy. It also provided a platform for traditionally unconventional ways of addressing those issues. For example, we saw the government send cheques to households disrupted by pandemic-related unemployment, and Modern Monetary Theory saw governments spending much more than they ever have historically. It also became clear that childcare — which was traditionally considered a social issue — is a critical part of a functioning economy.
The pandemic also made it clear that while our economic data on the stock markets can tell us one part of the story, there is much more to a healthy economy. When we look outside our windows and see lineups for food or have friends and relatives suddenly unemployed, we realize that the way we measure our economy probably has to change, as
