Economic Impact of Corona

Abstract

As the devastating impact of Corona on the economy is quite perceptible, we have to look for the remedial measures and implement it before it is too late. Although the remedial measures are quite visible but government seems to be hesitating in implementing those remedial measure. The basic reason behind this hesitation of the government is “Academic Dishonesty†about Modern Industrial Capitalist Economic System. Due to this “academic dishonesty†the academic world portrays Capitalism as a self-sustaining system which it certainly is not. It is due to this “academic dishonesty†any stimulus/rescue package to economy is seen as “undue favour†to big industrialists. However if this “academic dishonesty†is dropped and the truth about basic nature is accepted i.e. capitalism is not a self-sustaining system and it is artificially sustained system then any kind of stimulus/rescue package to industry will be seen as “natural course of the thing†not as undue favour to “big industrialistsâ€. This articles captures the “oldest academic debate†about the basic nature of capitalism (which got underway in early 19th century itself) and explains the ongoing crisis from that point of view. This article also exposes the duplicity of modern day text-book economics.