The Problem of ‘Freezing’ an Economy in a Pandemic
Cryoeconomics: How to Unfreeze an Economy (2020)
12 Pages Posted: 20 Apr 2020
Date Written: April 10, 2020
The 2020 global pandemic abruptly brought into question many of our social, economic and political institutions. COVID-19 is more than a public health crisis—as economies and states falter there are deep questions about the resilience and robustness of our political and economic systems. Are we too reliant on global supply chains? If regulations don’t make sense in a crisis, do they make sense afterwards? Today we are presented the opportunity to rebuild the institutions and organisations of our modern economy. If we do this right, through a process of entrepreneurial discovery and bottom-up solutions, then we will emerge with a political-economic system that acts as an engine for prosperity, and one that is more resilient and robust to future shocks. In this book we tackle those questions and fill some of the current void of ideas and thinking about economic and political recovery. We develop a framework and principles for an institutional re-build, presenting a path to recovery based on the ideas of private governance, permissionless innovation and entrepreneurial dynamism.
Keywords: COVID-19, evolutionary economics, pandemics, resilience, institutional economics, regulation
JEL Classification: O31, O35, O11, O12, D01, D02
Suggested Citation: Suggested Citation