Rethinking political thought – Shamubeel Eaqub
A recent paper from the IMF’s research team suggests that neoliberalism – which places competition at its core – hasn’t delivered on its promise. They also found that fiscal austerity following the GFC hasn’t worked, as standard economic theory would suggest. Other work shows that reducing inequality and increasing economic growth is entirely possible for countries like New Zealand, where inequality is high and productivity is low. There is sufficient evidence in our daily experience and in academia to warrant an upgrade in our economic thinking. It is now time for pragmatism. We have many eminently solvable problems facing our society, like a shortage of state houses. We need to add some empathy, love and civic duty, to competition in our politics. We will be a better and fairer economy and society for it.
Shamubeel Eaqub (CFA) is an economist currently on career break to be dad. He was most recently principal economist at NZIER, and economist at Goldman Sachs JBWere and ANZ Bank. He has wide interests, but focuses on public policy and politics in housing and regional inequality.
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