The author, Avi Frister, is a former investment banker. In his book “Reinventing Prosperity: How to Build a New Economy in the Wake of a Recession” he discusses the ways of how to rebuild the economy after covid-19. Most people were severely impacted during this economic recession. Many lost their jobs; others who were not so lucky had to work double shifts and got no time off.
As discussed in the book, it was difficult for the country to focus on building an economy during this economic recession. However, the author believes that if the government and private sector worked together and came up with some concrete solutions, the economy would rebound stronger than before. He notes that historically recessions tend to last one to two years and even then most of the indicators do not completely come back. That is why many economists feel that it is best to avoid trying to fix the economy after it has been hit by recession.
There were many indicators coming out of the US that showed a very bleak picture of the economy just a year before. However, many economists feel that it was a little bit of posturing by President Obama and other officials when they took office. They believed that it would be easier to get things done during a good economy and therefore the stimulus package did not work as well as hoped.
The author says that the key to being able to rebuild the economy is having the right policies in place. He points out that many politicians seem to be afraid to do anything because they are afraid that the economy will fall into a recession again. He argues that this is not true, that recessions usually only last one to two years and that it is best to have a plan in place for how to rebuild the economy after a major economic recession. He says that such plans can be implemented in whatever period it takes until recovery is complete. He says that it can be even shorter if there is a large and drastic change in the direction the economy is taking.
A key part of such a plan is having the right attitude. Many people seem to believe that economic recessions are temporary and that they will soon be over. Economists disagree, believing that it is actually good for a country if the economy is doing well. It can lead to greater wealth creation and a stronger economy overall, so it is important that the attitude is set in place long before a recession sets in. The author states that people should look to history and that they need to think about the ways in which they can build an economy that will be able to withstand a severe economic downfall like the one that occurred in Coventry.
One thing that many cities have tried to do in the past is to build up the city infrastructure, but this is not always successful. There are usually negative implications when a city attempts to do this. People can be used to working within a budget and being responsible for their own finances. By knowing how to rebuild the economy after Covid-19, people will have an easier time doing so.