As much as a third (32%) of the Scottish workforce isn’t working in the lockdown but it’s the young who are the hardest hit and faces the bleakest future – unless we adopt New Deal-style measures to prevent a “lost generation” being scarred for life.
‘If QE was a policy response to the idea that banks were too big to fail, the MMT response is based on the idea that an entire country cannot be left to fail. The question is: what happens if MMT doesn’t work to save a country in a crisis?’
‘To say that the SNP should now revisit its economic plan for independence is therefore in keeping with the times we are in. My call for a radical rethink is not a challenge for the leadership, nor is it a challenge to the leadership. This new situation is a challenge for all of us and a challenge for our party as a whole.’
‘Overall, a combination of : the pandemic lockdown; the existing post financial crisis slowdown, in both absolute and relative (to the UK) terms; and another looming North Sea slowdown, means that Scotland’s economic prospects are far from bright.’
‘Once the public health crisis of COVID-19 is over, it might yet expose the flaws in this capital-led economy just as it has exposed the inadequacies of our public health systems that has suffered from under-investment over a decade of austerity.’
‘As the inequalities in our economic system are laid bare by this crisis, rather than returning to business as usual, countries such as the UK would be well-served to instead build back better by creating a wellbeing economy.’
The Scottish Government has yet another new group of economic advisers (on the recovery): it should think more about practical delivery of any new policy ideas, says FAI.
‘In due course, through triumph or tragedy, the coronavirus pandemic will subside. Is a return to pre-crisis capitalism possible? Perhaps. But would it be worth it?’ asks a writer who experienced the collapse of communism in her native Bulgaria
‘All in all, the coronavirus crisis is probably the biggest challenge for the global economy since World War II. To borrow a phrase from the former ECB head Mario Draghi, the decisive factor is a ‘whatever it takes’ fiscal policy. The good news is that there are no financial restrictions on large countries in this regard.’
‘If (national debate about indy Scotland joining the EU) is to be meaningful, there needs to be far more active engagement by both the political class and civil society.’