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A research team Napo Inspires has challenged the growing political rhetoric around a “24-hour economy,” dismissing it as an oversimplified and misleading idea.
The team argues that the push for a 24-hour economy ignores the real economic dynamics that drive growth and prosperity.
“Every economy is already a 24-hour economy,” the report states, “because it continuously aggregates production and consumption activities, regardless of time intervals. The focus should be on policies enhancing consumer spending power and productivity.”
Drawing lessons from post-World War II America, where reduced interest rates and the introduction of consumer credit systems led to unprecedented economic growth, Napo Inspires suggests that policymakers should prioritize similar strategies over the vague promise of a 24-hour economy.
“This is not about keeping businesses open 24/7,” the team explains. “It’s about making sure that consumers have the purchasing power to drive demand, which in turn fuels production and economic vitality. The 24-hour economy slogan sounds appealing, but it’s largely political noise.”
The study calls for a shift in focus towards more practical economic measures, urging leaders to move beyond catchy slogans and address the core issues affecting economic growth.
“Chanting ’24-hour economy’ won’t solve the real challenges our economy faces”, the team concluded.
SOURCE: DAILY MAIL GH
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