Wrong Metrics

One thing discovered during the pandemic is that I have been mostly wrong. Wrong about values, attitude, metrics. Thankfully the pandemic has allowed me to get (what I think now is) a proper perspective. 

First - GDP is a flawed metric. GDP contraction does not actually have to be a bad thing. Consider bicycles and fast food meals (not mentioning any names but you know the usual suspects in this category). A bicycle is inherently bad for GDP and bad for economy. Cyclists do not buy gas (and thus do not contribute to GDP and tax revenue). They are healthier - do not contribute to health care revenue nor gyms. On the other hand there are more hamburgers consumed by people driving cars. Many of them have weight problems. So not only they buy hamburgers - they also buy body slimming diet supplements (contributing a lot to pharma revenues). And they are more likely to need health treatment, so the huge health industry benefits. Actually why don't governments provide fat-free burgers to anyone (such that you pay for the burger and the fat is free). GDP would definitely expand...

Second. This whole mystification of entrepreneurship is BS. Entrepreneurs are driven by greed and fame. Or both. Or just like doing what they do, in which case their work can hardly be considered hard or heroic or anything special. If you want to be special - go to Bangladesh or Himalaya to teach children. One particular problem I have with entrepreneurs (and investors) is they mostly go after easy projects with quick returns. I don't know anyone dedicated to a world - changing project with a 30-50 year horizon. Nuclear fusion anyone? Or - again - systemically improving education in poor countries?

Third. Growth (especially as defined by GDP) is a wrong metric. More is not better. Growth today (and for many years) has been driven by increased consumption of goods we do not need, fueled by marketing which is necessary for the investors to reap their short term rewards. Growth is a road to nowhere. Efficiency, quality and - last but not least - distribution of wealth really should measure the progress. These metrics have improved significantly during the pandemic - we are much more efficient (e.g., more internet, less commute or nonsense travel), consume less of everything (despite so much money printed the interest rates are zero - the money is not being spent, it goes to savings or stock markets). Distribution has not improved, especially on a global arena - Israel for example has moved to the front of the vaccine line by simply paying more per dose.

Fourth. People (including entrepreneurs) want governments. And they want socializing losses, while still keeping the gains private. Private healthcare could not handle COVID at all - it was all public hospitals and public healthcare. This is not fair. I mean as pandemic has shown we absolutely demand public help, we should agree to raise taxes significantly.