What opportunity costs will governments take.

[mu_enrico]

In this situation, the government will try to restore the infrastructure related to basic needs, such as transportation, food, healthcare, and education. After that, they can restore other non-essential sectors. They don't have much choice anyway if you want to think from the opportunity cost perspective since humans need physiological and safety needs to be fulfilled first before they can become productive.

[sheenshane]

Everyone has learned too many things about this pandemic, not only the government but also each individual we have sorted all the options that we have only to survive in this pandemic. Opportunity cost might bring regression if the chosen option would fail, we must face whatever the result of our governments' decision besides we have already gone through the worse and I know each of us including our country will be able to handle the effect if the first option failed.

Anyway, IMO we only need to do our part since we have experienced how the government and the health sector fails in managing the pandemic and what we can share might already be a big help in the country specifically in the economy.

[plvbob0070]

But the question is, what options does the government have to fix or even handle this pandemic? How many options do they have, and what is the best one among the others? For me, it's really hard to speak about the best alternative since this pandemic is a big issue and it's not easy to handle. Even the government is having a hard fine to evaluate and make decisions because it includes the whole citizen of a country that may suffer from the option they choose.

Most government is now trying to slowly reopen businesses to avoid further economic recession, but they should have also given time for health care to ensure that these people going back to work will be safe and get treated in case they will get infected.

[South Park]

It's no longer news that the corona virus pandemic has rocked every national economy, it's lead to inflation, recession, economic meltdown, hunger etc. We have been discussing it's impact (mostly on the economy) for more than two months now and I beg to change the discussion slightly...

As the government seeks a way to reopen their respective nations, I've been thinking what is going to be the opportunity cost to ensure that this 'operation' goes according to plan, bearing in mind that there is little or no funds to be disbursed to all sections of the country. Opportunity cost can be defined thus:

The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen."[2] In simple terms, opportunity cost is the benefit not received as a result of not selecting the next best option. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice".

The EU, World Bank, IMF and other world organizations have come out to aid various countries with loans, grants etc to raise fundings in their respective countries, so what areas of the economy or what sectors in the country do you think requires (and will likely get) more attention and what's going to be the opportunity cost.. Of course with less money, the more there is a need for a scale of preference, you can use your country, major world powers or developed/underdeveloped as a method of categorization; What sectors will likely be top and bottom (opportunity cost) In their scale of preference to propel the economy out of recession.

In my opinion it is very likely that governments are going to concentrate on the primary sector of the economy which includes agriculture, mining and fishing, and it is not difficult to understand why, governments need to prioritize the basic needs of their populations, so anything related to food production and to manufacturing industries is going to take priority, and most likely the service sector of the economy is going to suffer the most, especially tourism since as we know many countries are still restricting travels to other countries and many people are not going to be very comfortable sleeping in a bedroom that has been used by hundreds of people before them during this pandemic.

[TheGreatPython]

What many nations who are ruled by a democratic capitalist system missing out is the fact that you could maybe go with a socialist route on this to make sure that government has a huge income and requires a lot less tax and helps basically every single human on their nation. How? Simply just look at all the companies who are rocked and doing bad, see how bad they are and how much potential they have, and if you want to, just buy the company from the owners.

Everyone wins this way, the owner sells his company and gets out of bankruptcy trouble, government spends money wisely and owns a company that will generate profit in the long run, and tax payers are winning because you did paid a lot for that company (government did but with your money) but with that profit you will pay less taxes in the futures.

[Emitdama]

Well, I'm living in a developing country and you know the type of government here, they don't really care. The health system is really messed up, although I don't really know what will be their next action, but I think they really need to focus on the health system and build it to a level that is much better than what it is now. And it's time they support the medical practitioners and provide them with whatever they may need and make sure that they are lacking nothing at all.

Apart from health, I don't see any other sector that needs more attention, unless agriculture. Even finance is suffering, I do see many people are slowly adopting cryptocurrencies which honestly providing them better living compared what they earned from other things. Mining and crytpo trading are famous here but I am not sure about what government's take on this around the recession times.

[roman100]

Opportunity cost of the resources used to produce goods supplied through the public sector. If these resources were not used by the government, then they could be used by people and firms in the private sector. opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative.

[Coyster]

But the question is, what options does the government have to fix or even handle this pandemic? How many options do they have, and what is the best one among the others? For me, it's really hard to speak about the best alternative since this pandemic is a big issue and it's not easy to handle. Even the government is having a hard fine to evaluate and make decisions because it includes the whole citizen of a country that may suffer from the option they choose.

I know the government probably have their backs to the wall in terms of what decision to make because of the pandemic, but then a decision must be made, and that's why I made this thread, imo there will be stagnant development all over the world and nations will feel the impact of the decisions their governments will make in years to come.

One thing is certain, and it is that the government doesn't have enough money to ensure all the branches of the nation and the economy is funded adequately, so some will def experience stagnanted growth, and will struggle to catch up with the rest, the borrowed funds also have to be paid back, recession is also looming etc, for now the government is only concerned about sustenance, funds are mainly for sustaining the economy and their citizens, (and I understand that) it will work for now, but the opportunity costs of these decisions will affect the country negatively in the long run.

[Sanugarid]

Well, I'm living in a developing country and you know the type of government here, they don't really care. The health system is really messed up, although I don't really know what will be their next action, but I think they really need to focus on the health system and build it to a level that is much better than what it is now. And it's time they support the medical practitioners and provide them with whatever they may need and make sure that they are lacking nothing at all.

I don't want to call it quits but we're almost the same, I'm living in a country where the government's action is confusing at all. In the middle of a crisis, we already see how incompetent the other branches of the government is, most especially our department of health it is really bugging how they are not in prepare even after given the 3 months lockdown period, that should be the grace period to think of a good call right? I just don't know 

Apart from health, I don't see any other sector that needs more attention, unless agriculture. Even finance is suffering, I do see many people are slowly adopting cryptocurrencies which honestly providing them better living compared what they earned from other things. Mining and crytpo trading are famous here but I am not sure about what government's take on this around the recession times.

Maybe after these things, the government will realize how much worth focusing on the healthcare and national resources instead of getting prepared into a war for buying a jet planes and warships. And I'm sure they will also realize how much it costs to transition into a digital one, it cost less than what they are doing right now but there's a corruption, the root of being stuck.

[MCobian]

At first many countries underestimated the spread of COVID19 in Wuhan. Which ended up being a pandemic throughout the world,
in my opinion the opportunity cost that must be prioritized by the government is the economic and health sectors. Because the two
sectors are very affected by COVID19. Provide medical equipment including a special building for victims of COVID19 and provide
stimulus in the form direct assistance of money to the citizen, so that people's daily needs can be fulfilled.

[dejuan]

The facts are that it's mostly old people with poor health that die (but no one listens to facts lol)

Just tell old people to stay at home, young people (who are the ones working anyway) go to work

And for old people who live with young people who go to work, use a fraction of the printed money to put them in nursing homes until this is over

Then take government/central bank money to figure out a way to get rid of the virus (vaccine, etc.)

Now someone give me a Nobel prize

[Negotiation]

I think the government will usually spend in the interest of the country because the country's economic situation is much worse because of the virus Many people have become unemployed and are spending their days in despair. In that case, if the government spends on the economic sector and the health sector the situation in the country will improve a lot and the unemployed people will find their way to work If the economic situation improves trade and commerce will expand.

[Janation]

It would take some time but people should really get back to their jobs first.

Not all of us could wait for the aids being sent by the governments forever. They need to get back to their jobs or them finding a way to get a profit for a short time for them to support their family or themselves. The governments are making new taxing laws, right now resellers in our country would be taxed because of it. People are just making the most probable solution, to grasp online stores and earn some small profit and then they will be putting taxes in there.

[NavI_027]

in my opinion the opportunity cost that must be prioritized by the government is the economic and health sectors. Because the two
sectors are very affected by COVID19. Provide medical equipment including a special building for victims of COVID19

I absolutely agree on that! Since our country $1.25B to fight Cvid 19, then the best way for utilizing the money they get is by spending it to improve the health sector. They must prioritize:

1. Improving our laboratories here because I can feel that we're already late to the latest technologies available
2. Buy PPEs, masks and essential materials to protect our frontliners against the disease
3. Give incentives to our health workers because they're not invincible after all. Risking their lives should be compensated by money at least.
4. After surviving this pandemic, I think government should now focus on funding post-pandemic plans just in case.

Honestly, I'm not sure with the talks regarding mass testing even many people are demanding for it. I find it inefficient and expensive at the same time (just my opinion tho).

Another concern, since most of us are now living in a so called "new normal" which means most activities are held online. I really hope our government will make steps to improve the internet connection in our country. It is so embarrassing to admit that we are one of the few countries in SEA region who got slow Internet connection .