A rational view of economics

The coronavirus pandemic has had tremendous impact on the economies of the whole world, whether or not each country has had a health crisis. During this time our focus has been on the consequences for peoples’ livelihood and wellbeing – rather than the loss of profits of affected firms. This tells us something fundamental about the purpose of the economy, which is to support the wellbeing of citizens, both now and in the future. Enduring wellbeing is the essential goal of sustainability. In this article I unpack the economy to demonstrate how it functions, and how it could be better aligned to this central goal.