"We cannot solve problems by using the same kind of thinking we used when we created them."  – Albert Einstein Economists invariably divide shocks into two types: endogenous and exogenous. Endogenous shocks arise from within the economic system. The Great Recession of 2008 was sparked off by the shock of the financial crisis. This clearly originated from within the economic system. In India, the demonetization of 2016 was a shock caused by an economic policy. Therefore...

The COVID-19 pandemic continues to dominate headlines as the death toll rises and economies falter. However, far too little attention is being given to the worsening crisis in developing countries where coronavirus is spreading rapidly and governments grapple with the devastating economic consequences of prolonged shutdowns and the collapse of world trade. Three-quarters of new cases detected every day are in developing countries. All of this is likely to trigger immediate and...