The multivariate pandemic treatment vector including monetaiy and fiscal effects

An example of the multivariate vector that specifically can be studied in terms of the mutual impact with monetary and fiscal policies, choices, and preferences is given next. Some plausible interrelations between the multivariate vector and monetary and fiscal policies in science-economy-society- wide planning that predominates in the pandemic case are as follows: [1]

the market economy where morally inclusive preferences of consumption choices are made (Veblen, [1899] 1912),5 (Xj).

  • 2 Participatory socio-economic development in life-fulfilling needs are complementary to healthy choices of food and consumption in life-sustaining sectoral transformation wherein monetary and fiscal expansion contributes to the consequential advancement of the life-fulfillment socio-economic restructuring (Inglott, 1990),6 (X2).
  • 3 Participatory sectors of socio-economic development by wellbeing instruments, for instance by replacing interest rate by real-economy indicators (X3), enable advancement of the life-fulfillment regime of socio-economic development and all that such a transformation contributes to scientific, economic, and social moral inclusiveness in a holistic knowledge-induced multidimensional actualization.7
  • 4 Needs against wants in real-economy development forms the hallmark of life-firlfilling socio-economic model of participatory development (Levine, 1988), (X,).8
  • 5 Healthy living as part of wellbeing with life-sustaining essentials of socio-economic development (Hawley, 1986),9 (X5).
  • 6 Multidisciplinary educational reconstruction with a new paradigm of wellbeing atrd life-sustaining essentials while critically examining mainstream understanding of economy and society: human resource development and poverty alleviation essentiality (Holton, 1992),10 (X6).
  • 7 Global fontrns for understanding and applying the multidisciplinary paradigm of participatory development, interaction, integration, and evolutionary leanring among all establish the concerted global community in these respects, (X7).
  • 8 Output, income, and empowerment complement with life-fulfilling socioeconomic development with wellbeing effects of poverty alleviation, human resource development, and enterprise (Streeten, 2014),11 (Xs).

The inter-relational vector (Z(0)) including monetary (M(0)) and fiscal (F(0)) variables is Z(0) = (M,F,X,,X2, . . .,X7)[0]. Any positive monotonic transformation of this vector, say f(Z(0)), is a complex interrela- tional vector of the Z(0)-kind. The corresponding interrelated monetary and fiscal policy variables between them is dM/dF. The complementarity or substitution between monetary and fiscal policies in respect of the income/output variable (Y(0)=Xs) is implied by dM/dY, positive or negative, respectively. Likewise, for fiscal policy in relation to Y(0)-variable we have dF/dY, positive or negative, respectively. Various combinations of positive and negative values of dM/dY along with dF/dY, and thereby of dM/dF, can be appropriately interpreted with the other variables of the Z(0)-vector.

In reference to the evolutionary learning parameter ‘0’ of unity of knowledge implying holism of the multidimensional aspects of pandemic treatment and cure, all of the variables of Z(0)-vector are induced by ‘0.’ Figure 4.1 is now adopted to this phenomenon to first yield the wellbeing function, W(Z(0)), for its evaluation (estimation and simulation) in respect of the circular causation relations between the Z(0)-variables and the quantification of the knowledge parameter as linear approximation of the wellbeing function.

  • [1] Ethics of consumption and food are complementary with monetary andfiscal expansion as policy responses either from the government side or
 
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