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President Cyril Ramaphosa's speech - what can be expected?

13 May 2020 6:58 PM
Tags:
Economy
Lockdown
COVID-19
level 3 lockdown
Cyril Ramaphosa addresses the nation
Lockdown level 3? If so, what difference will it make?

The nation is once again waiting with bated breath for the President's address tonight.

Are we in a position to move to stage 3 of the lockdown?

On the line to The Money Show are Lumkile Mondi, from the University of the Witwatersrand - and Dr Adrian Saville, CEO at Cannon Asset Managers and Professor at GIBS.

I expect him to say we're moving to stage 3, and maybe stage 2 by the end of August. Many of them (my students) are ready to work with this stage to ensure they put all the risk management processes in place - and really looking at getting back to how it used to be. People are ready to implement and get back to business. The economy is not ticking and it is not going to, unless we open up today.

Lumkile Mondi, Senior Lecturer at the School of Economics and Business Science - Wits

This is what's known as nudge theory - the nudge unit was set up to prod people in certain directions and discourage them from doing other things. There are places where we could fairly easily put in incentives and you would get the economy back into behaviour that you wanted and have in consequence employment, tax revenue etc. The problem with nudge units and incentives is that they can be gamed. Regulations run the risk of contorting the economy - a dysfunctional economic structure - high rate of tax evasion, a big cash economy that runs parallel to the formal economy... Putting incentives in place might get you some near-term response that go in the direction that you want - my bigger worry is the entire machine is broken. And instead of stepping away we have stepped further in and trying to fine-tune a machine that is firing on wrong cylinders.

Dr Adrian Saville - economist

Listen to the entire discussion below.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.


13 May 2020 6:58 PM
Tags:
Economy
Lockdown
COVID-19
level 3 lockdown
Cyril Ramaphosa addresses the nation

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