This second cycle of total lockdowns has hit me harder than the others. I've become more pessimistic, I've been more tired, I haven't found the motivation to train, and my training equipment seems to be crying behind the layer of dust that has covered it since I stopped using it.

During the week, I read an interesting interview in the New York Times with Neil deGrasse Tyson (you can read it here) in which he examines people's declining trust in science, giving way to the proliferation of fake news, anti-vaccine movements, and even deniers of the current pandemic. Among the causes, he identifies people's loss of curiosity, the a priori biases of the few who remain curious (they only investigate to confirm their prejudices), and the lack of delivery that science has had with the population (we should be driving flying cars by now, right?).

We economists have also failed. Personally, I believe that the free market is the best system for distributing resources, which is also supported by macro- and microeconomic data. What do I mean by "best"? Easy, just look at one of the definitions of economics (which does not refer to GDP, unemployment, or even money), in which the discipline is basically understood as "the pursuit of well-being with what we have available." The free market has done more for health, poverty reduction, technological progress, leisure, etc., than any other economic system in human history (Sala-i-Marti, 2002). However, it has not done many of the things it promised to do, due to a lack of market or market failures that the system itself is unable to resolve on its own. Environmental damage, inequality, concentration, abuse of dominant positions, corruption, among others, are challenges for which, by action or omission, economists are responsible, and much remains to be done. 

It is true that we are not the only ones to blame (nor the most to blame), but it is undoubtedly part of our moral responsibility to improve the living conditions of those who inhabit our neighborhoods, our cities, our country, etc. The search for solutions to problems we have been unable to resolve has led to the current situation of populist and short-termist policies, a lack of vision for the future, constant erosion of institutions, the emergence of charlatans, and an almost sporting disregard by certain groups towards those of us who practice the profession. At this juncture, the challenge of convincing our society that we must improve the free market and not do away with it becomes an uphill battle.

Given this diagnosis, what can be done? To rekindle scientific enthusiasm, deGrasse proposes something: sending a manned mission to Mars in 2035. The team members should not be older than 30, so all future astronauts would be in school today—what better incentive to get involved in science! Today's test, next week's group project, that assignment you've been putting off—everything will now have meaning, a purpose. 

Not to be outdone, as far as we are concerned, I also propose something: to make Chile reach a GDP per capita of US$40,000 PPP and reduce the Gini coefficient, after transfers and taxes, to 0.40, within 15 years. Difficult? Yes. Impossible? No. Ireland did it after a deep recession following the subprime crisis.

To get myself motivated again, I also set myself a goal: to finish the 2022 Ironman Pucón 70.3 (yes, I'm optimistic) in less than 5.5 hours. Difficult? Yes. Challenging? Definitely. Achievable? With hard work, of course. 

Nathan Pincheira 

Chief Economist at FYNSA