The proper role of government in the market economy: The case of the post-COVID recovery
Joseph E. Stiglitz
Abstract
The long-lasting, widespread COVID-19 pandemic has imposed huge challenges on public health as well as economic recovery. Governments must take an active role in designing and enforcing economic policies to address various problems that pure market forces cannot, such as externalities and the absence of risk markets. Covid-19 has exposed deficiencies in current arrangements and the need to develop better institutions. We also need to develop better understandings of the relationship between government, the market, and other institutions within society.
Topics & Concepts
Coronavirus disease 2019 (COVID-19)Government (linguistics)ExternalityPandemicBusiness2019-20 coronavirus outbreakMarket economyEconomicsPublic economicsEconomic systemEconomic policyMicroeconomicsVirologyLinguisticsBiologyPathologyPhilosophyMedicineDiseaseInfectious disease (medical specialty)OutbreakGlobal Health Care IssuesHealthcare Systems and Reforms