Predictions of world-economy: Global economy watch: Predictions for 2021 (sub-title "Global economy projected to grow at record speed"). First of three themes supporting the forecast, excerpt: So, yes, it is going to take more than just 2021 to fully recover. Which will likely begin to happen in 2022 for most of the world. Let us hope! Economies are strange-animals and this one was especially catastrophic due to Covid ...
Doom and gloom sell, so that's what is presented most in journalism. There are, truly, many serious problems in the world. There are also many reassuring and positive things. Balance requires giving attention to more than catastrophes.
BRAVE NEW WORLD? I, for one, would not know how to reply to the challenge. That is, first recovering jobs that were lost and secondly getting the American people to understand that the nation is undergoing fundamental change. Uncle Sam in no longer the ONLY producer of Manufacturing goods. It does have a solid-position in higher-tech products, but that market though blessed with higher product-costs is not the greatest. Moreover, in such circumstance, the economy rids itself of jobs that are border-line successful. They just dont "come back". This has often occured in the past. And this time around I suspect the impact is going to be a lot-more serious. Due to the accelerated market-activity in this Brave New World of the Internet! We are well into the Services Industry Age AS described here: The article is well-worth a read towards understanding of what each sector consists. Which is well worth considering towards understanding where the coming will be growing. (And the opposite! Despite the fact that the numbers are very recent (and therefore affected by the Covid-provoked downturn), here-below is the breakdown by specific industry-categories: And, frankly, when I look at the above there is only one reflection that whacks-me-on-the-head. I never realized that "Government" provided that sizable a value of "services" to the nation. Kinda-sorta makes ya wonder - doesn't it ... ? PS: Please note that the above - once upon a time - were simply categorized as Manufacturing and Services in order to distinguish them. I'm not sure the above titles are any better a distinction between the two kinds.
The fundamental economic problem is the false sense of value. Objects such as commodities and money are mistaken for other than they are. Nothing has value until a human assigns it. Thus, the source of the value of anything material is something totally immaterial; life. Therefor, only life has true, intrinsic value. Begin economic thinking with that at heart and see what develops.
Well, not just "life" but the "quality of life". And quality-differentiation is not necessarily displayed overtly by you driving a Porsche and me driving a Chevy! The quality of our lives has many attributes. But for reasons that are inexplicable (because they are buried in our psyche?) we think it is the money-angle that displays our True Worth. Nothing could be further from the truth ...
It is truly and genuinely hallucinogenic. Of course, "quality of life" is totally subjective. That life is where 'quality', 'value' or any other relative term originates is objective reality.
