Getting Priorities Right: The Australian F1 Grand Prix – This needs to be cancelled immediately. It is the opposite of what every medical professional is recommending – a large gathering of people. As an economic rationalist, the best long term economic strategy is to be conservative. Let’s listen to health professionals. Let’s over react. The consequences of an under reaction could be catastrophic and cost more lives. The short term economic gain of an event, will certainly result in a longer term economic cost. Economic short term-ism never ends well.
The fact that our government has released an ‘economic stimulus package’ tells the story of their priorities. They’ve got the order of things back to front. They ought be protecting health now, and the economy later. Certainly protect the financially vulnerable in real time, but the best way to do that is focusing on stopping the spread by flattening the infection curve as quickly as possible. See below;
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Practice what you Preach: My advice above is not coming from the cheap seats. My work includes delivering keynote speeches at large public events around the world. The cancellations are coming in thick and fast, and I welcome it. There is a real economic cost to me, but I’d rather we reduce the overall impact sooner, and get back to normal quicker. Health now, business later.
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Respect your Customers: I have contracts with many of my customers. When they call to cancel or postpone work, I ignore the contract and focus on the person, the situation and how we can find a solution together. If there was ever a time to gain loyalty from the people you deal with, then it is in times of rapid change and uncertainty. People remember how you treat them in times of social stress.
At the end of the day, global issues like this effect everyone, but we get to choose how we react.
