Urgent need for much greater 'Global Public Investment'.

The neoliberal mantra that governments should just 'facilitate the private sector', along with the practice of austerity policies, have together meant lack of needed public investments over the years to build resilient economies. Hence, while private spending under another neoliberal mantra of 'market fundamentalism' that market signals will bring optimal decisions for the economy, and therefore, regulation should be minimized, on the contrary led to decisions by the private sector that mainly followed the 'profit-over-people' minded signals.

Overall, when the covid-19 pandemic hit for instance, and all those years for example since roughly the start of the current millennium when covid-19 continued to spread from time to time as an epidemic, the cracks in the global economy in terms of lack of preparedness to deal with shocks, lack weak public health sector in the case of dealing with a pandemic, or better safeguards placed to keep bank lending in much cautious territory as the Global Financial Crisis of 2007-08 indicated as an outcome of lack of such safeguards over the years, all meant that neoliberal experiment had failed.

Criticizing this state of affairs of economics in his recently published book, Nobel laureate in economics, Angus Deaton was quoted from that book in an article 'A Nobel laureate offers a biting critique of economics' published by Bloomberg as 'So, when the Princeton University emeritus professor has a new book out with the sober title Economics in America you might anticipate a valedictory celebration of the wonders of the discipline. It's anything but. What Deaton calls his mea culpa is a broadside on his profession and some of its most celebrated figures. Economists and their relentless focus on markets and efficiency, as well as their dogmatic attachment to theories (even after they've been disproven), have had life-or-death consequences for millions, he argues. ...Deaton believes [Larry] Summers and a small cadre of influential economists helped lay the foundation for the Asian financial crisis of the late 1990s and also the 2008 global financial crisis by recklessly helping to ease restrictions on the flow of speculative capital around the world. ...Deaton's primary complaint isn't with Summers. It's that the profession has become intoxicated with markets and money, losing sight of its primary mission as set out in its earliest days by Adam Smith, John Locke and others who came to economics via philosophy and...