Discussion: Measuring the Economy (Coursework Sample)

Discussion: Measuring the Economy
The pandemic has brought to the fore many challenges with respect to how things are supposed to be looked at. In that respect, even the data that is needed to make sure that this analysis is being developed is going to be different as compared to the conventional economic measures (Chetty n.p). One of the things that have to be looked at is that a more real time view of the economy is being developed, and the same perspective is needed to be developed when it comes to the way economy is needed to be looked at. Chatty argues that the change in the way we tend to look at the economic variables has to be the starting point when it comes to understanding and evaluating those economic difficulties (Chetty n.p). One of the most interest reflections from his work was that how the spending reduction was in fact witnessed by the higher households (Chetty n.p). They were able to do so by making sure that they tend to bring to halt their in person activities such as dining out or shopping. He provided an interesting insight that the businesses in the higher income areas were much more at the receiving end of the difficulties that were faced in the pandemic.