When coming out of a pandemic will the world view change?
I recently read that Ms.Angela Merkel, Chancellor of Germany, has inducted more Virologists, Epidemiologists and Sociologists etc. into her team for the purpose of decision making in these challenging times of the pandemic.Of course there are Economists also in the policy making.
Leaders around the world either leading a country or leading a corporation have started listening to the Health Experts for formulating new Age policies across the continents. The Health policy to dovetail into Economic Policy of the country. So far countries have been juggling only with Monetary Policy and Fiscal Policy but now the "New Normal" has emerged, where economic policy making is incumbent upon Health Policy direction, speed and spread.
The following graph will illustrate how Economic well being and growth of a country is going to hinge on its Health Policy and Infra in the coming years.
As Risk Management Experts view this pandemic " Black Swan" event Low probability but High impact event ; some calling it Grey Rhino event (high impact but known unknown)as the world neglected the repeated warnings of the pandemic outbreak for sometime now. May be only the timing and impact was not known.
But to come out of it we need to build bottom up with both robust Health Policy vectors intertwined with Economic policies that provide nudges for better health outcomes on a long term basis.
We need to appreciate that there may be many windows through which the diverse view points will emerge and for formulating future policies either at Governmental level or at a Corporate House level , all these windows need to be opened and studied/listened to ,for a Sustainable Governance architecture.
Amid the pandemic, demands for social equality emerging out of George Floyd's death ,turning into demands for economic equality in a society of Haves and Havenots are deafening.
Welcome to the world of New Normal!!
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