Dipo Olowookere
By Nneka Okumazie
The counting cataclysmic toll of the coronavirus on the economy inspires the question: is economics this impaired?
The theories of economics often seem like a covering for everything regarding business, labour, currency, etc., but it is obvious that most or all economic theories are dependent – on things being equal.
Yes, there’s an admission of ceteris paribus in economics, but the pressure and heavy handedness that come against many because of profit shows the skewness of economic performance.
Before the coronavirus, the economy in many places seemed just fine. The theories of economies were seen as supreme. Whatever does not work for a business or worker, is – maybe – their fault.
But with the growing unemployment, stimulus packages, stock market collapse, unwanted bonds, low yield treasuries, bailout for corporations, plummeting oil prices, etc. it shows that economics is far ill-shapen than admitted and maybe not that useful in diagnosing some businesses that went wrong.
A business performing great over a period would easily find things to say about what they did right. A business that fails would say what they did wrong. But there may be lots of factors responsible for economic success or failure outside the regimented demand, supply, or productivity models.
The supremacy of economics has driven many around the world to find gains ruthlessly, without regard for the environment, health, psychology, or unknown unknowns.
The race to keep the economy from collapse is requiring all kinds of emergency measures. The consequences of the COVID-19 on the economy may be felt through the decade or beyond. But it should be clear that sometimes, when things go well for a business, it may not always be good economics.
Direct or indirect involvement of everyone in the economy shows that there is more demand on individuals than they can provide, and individuals often want more control than they can get.
So, the tug between people and factors drives the world to all kinds of anxiety, cruelty, shortcuts, cover-ups, covert strategies, spite, greed, cronyism, vindictiveness, bitterness, hate, anger, wickedness, etc.
However, it is wise to realize the competing factors in the world, with advantage to some, disadvantages to others plus seasons – of highs and lows. It is far better to find ways to pinch one’s self to normal in a world where it is possible to have no control over situations affecting one.
Yes, economics is a useful driver for development and advances, but economics is alive to those it’s working for and maybe not, to others.
It is better to understand the limits of humanity and the limits of the mind, no matter how knowledge has increased or today’s fascinating advances. Sometimes, it is often like innovation or policies become yesterday’s solution as new challenges show up.
[Job 8:9, (For we are but of yesterday, and know nothing, because our days upon earth are a shadow:)]
In life, so many things can rip the soul apart, devolving to a need to find coping mechanisms.
But true Christians, who always look unto Jesus, pray for restoration of the soul.
Economics – of yesterday – may not be prepared for what comes after the COVID-19 lockdown, but for true Christians, they always cry to Christ for mercy in a difficult world.
[Psalm 25:16, Turn Thee unto me, and have mercy upon me; for I am desolate and afflicted.]
