Thanks David. The quality of projects also matter, of course. Shovel-ready projects are all well and good if the most important skill we want people to develop is how to handle a shovel. Or how to ride a bicycle (to go to your example). It is a long way from regional development based on ideas such as the EU's smart specialisation that looks to expand supply-side capabilities based on a local entrepreneurial discovery process.
Not sure about describing the supply issue as possibly heavily regulated.
Much of the supply issue was because of supply chain disruptions overseas outside the ambit of local regulation.
Such supply issue as was domestic in origin was because of necessary/essential public health measures - which necessitated what could be described as heavy regulation, but not in any negative sense.
Thanks Andrew. I am using "supply" in the macroeconomic sense, which is more general than physical goods. Supply includes services, e.g. haircuts, travel, cinemas, education & construction. Both services and goods trade were depressed by domestic and foreign regulation aimed at preventing Covid spread, and consequential supply-chain disruptions. Whether or not it should be classified as "heavy" regulation is ultimately a matter of opinion - it was certainly unprecedented.
Thanks David. The quality of projects also matter, of course. Shovel-ready projects are all well and good if the most important skill we want people to develop is how to handle a shovel. Or how to ride a bicycle (to go to your example). It is a long way from regional development based on ideas such as the EU's smart specialisation that looks to expand supply-side capabilities based on a local entrepreneurial discovery process.
Not sure about describing the supply issue as possibly heavily regulated.
Much of the supply issue was because of supply chain disruptions overseas outside the ambit of local regulation.
Such supply issue as was domestic in origin was because of necessary/essential public health measures - which necessitated what could be described as heavy regulation, but not in any negative sense.
Thanks Andrew. I am using "supply" in the macroeconomic sense, which is more general than physical goods. Supply includes services, e.g. haircuts, travel, cinemas, education & construction. Both services and goods trade were depressed by domestic and foreign regulation aimed at preventing Covid spread, and consequential supply-chain disruptions. Whether or not it should be classified as "heavy" regulation is ultimately a matter of opinion - it was certainly unprecedented.