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What part of the economy is invisible? My groceries and medications are available, my bookstore delivers, if I want take-out I can even have wine, beer and cocktails (available in Québec), my friend’ AA meeting is on Zoom. A good lot of industrial production continues.
What is closed is non-food retail stores, hotels and airlines. Important yes but if you look at the input-output matrix,(always a reflex for a Québec economist) nothing is on the top line. So nothing that really crash the economy.
Unlike the US we have policies that keep confidence in the social compact..We are not at Stunde null.

Suppose our plans depend upon our future expectations of the economy. Suppose also that prophecies are, to some extent, self-fulfilling, so the actual path of the economy depends upon people's expectations of that economic path.

Now imagine that our expectations are based not only on our own economic situations, but on the economic situations of everyone around us.Typically I can observe (at least to some extent) the economic situation of the people and businesses I interact with. I can see, for example, if a business is busy or quiet. I can see whether my students are wearing Canada Goose jackets or coats from Value Village.

With an invisible economy, it's harder to form expectations about the future state of the economy. Is that a problem? I don't know, but I suspect it might be.

Don’t worry Frances, the young’ uns are busy Instagraming their latest online purchases. Not counting the Zoom split screen where teenagers are busy upstaging each other.

Jacques René - cute!

Still, what I'm trying to get at here is the larger question of how expectations about the future of the economy are formed, and how much these depend upon things that were once visible, and are no longer so...

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