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Economic theories are not written in stone. They tend to change to acknowledge social and economic realities at a particular point in time. When a global crisis erupts, the chances are that long-held economic theories are challenged, and new ways of thinking and planning are embraced. We are in an economic watershed moment. US President Biden is undoubtedly the catalyst that is accelerating change in current economic thinking. For more than three decades, many economists argued that governments should withdraw from being active in economic life and let private enterprise fill the gaps to promote healthier growth and jobs. More recently, former president Trump egged on by a conservative Republican congress rewrote the tax code. In 2017, US corporate tax rate was reduced from 35 per cent to 21 per cent. There is little doubt that this strategy created jobs, but these were mainly low-paying jobs with little social security, especially for women and young people.

United statesGerard bradyMichael mcgrathEmployers confederationIrish businessPublic expenditure michael mcgrathஒன்றுபட்டது மாநிலங்களில்ஜெரார்ட் பிராடிமைக்கேல் மக்ர்யாத்முதலாளிகள் கூட்டமைப்புஐரிஷ் வணிகபொது செலவு மைக்கேல் மக்ர்யாத்