Financial Express The new normal after Covid-19 requires a re-imagining of macroeconomics: we need to start defining the contours of, and measuring, the fourth sector. (First of a two-part article) “There are three estates in Parliament but in the Reporters' Gallery yonder there sits a Fourth Estate more important far than they all. It is not a figure of speech or witty saying, it is a literal fact, very momentous to us in these times.” Edmund Burke's quote highlighted the rising of the Fourth Estate as press and media became an important pillar of the society. A similar momentous time is upon us again, courtesy the pandemic, as we recognize what brings income and wealth to the society. In an earlier article , “ Getting India digitally ready: COVID-19 pandemic highlights urgent need to build digital cocoons for the whole population ” (May 15, 2020, The Financial Express), we had looked at the importance of and need to build “digital cocoons” for a large segment of India’s p
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