It’s not that deep.

When someone says “damn, long time”, they are not being very literal. I will try to give my perspective of why I made such a remark. As a student of finance, one concept I find fascinating is that of the time value of money. This is a question that we have been trying to answer literally forever. Back in the old days, what we would hunt and gather, is what would be on the menu for the day and that was our means of production. That was when we first began to ask if this was truly the most efficient use of our resources. Surely there had to be other ways to extend the utility of the resources we gathered or hunted. We soon realized that the consumption of ground nuts and cashews could be deferred for the future. However, meat of wild animals would have to be eaten before it started to rot. This led us to start planning our resources to survive in a sustainable fashion. We then began to specialize in our skill sets and plan around those resources that could be preserved. This led to the development of a barter system, where we would provide an estimate for the value for the fruits, nuts, animal meat and skin. This is the earliest example of utility-based value that I can remember.

In hindsight, this was far from a perfect system and had its flaws. Double coincidence of wants would require two willing counterparties with interest in the good to be exchanged, I would have to want an apple for you to sell me your apple. Indivisibility of goods was another issue as we could not split the banana in half for accounting purposes. We also then realized we needed a common measure of value as we realized different seasons and geolocations brought different resources. This also brought forth the issue of store of value as we began to question the sustainability of our means of production. How would one defer payments? How would I derive the fruits of my labor, without immediate consumption? Surely there was a way for me to capitalize on my innate ability to locate cashews without having to go out to become a hunter when the camp ran out of beef. We had to have some form of ESG standards to ensure equitable consumption. As the number and size of our agricultural societies increased and we expanded into the lands, we found alternative methods of preserving the value of our rewards for the risks we took on. Coins served a great store of value as they were precious metals, we could exchange it for shelter or resources elsewhere.

We have had the concept of mobile currencies for quite some time now. Moving from coins to paper money did bring a lot of advancements towards how we transact. Since then, we formed a Society for Worldwide Interbank Financial Telecommunication, or SWIFT transfers, to transfer currency from one part of the world to another. While this centralized network of service providers got the ball rolling for some great innovations, it still lacked the functionality of being an independent self-serve platform. The internet also paved the way for some more innovation along the way to let us do it ourselves from the convenience of our home using computers. While this was a practical innovation, this was still quite taxing on the recipient’s end. Transactions would face the scrutiny of not only transaction fees but also exchange rates which subjects it to significant loss of value.

The shift to decentralization began as we started to adopt online software, although only some countries were early adopters. While such software enabled users to transact, it required an internet connection and access to a bank to initiate and complete transactions. This would leave out the entirety of continents that were deemed unbankable, due to lack of formal banking services and devices to get online. This is when the rest of the world began to adopt mobile telephones and so, services such as M-Pesa emerged to serve those customers. Not only did this provide users the ability to transact without internet, but it also enabled them to build a history of transactions which is the basis of formalized credit. This was quite a game changer as it truly enabled us access to microfinancing, enabling telecommunication firm’s authority over the risk & reward mechanism. This allowed for a more inclusive system enabling private users to conduct transactions without traditional barriers as it operated off a series of texts. Transactions would be verified through encoded texts and users were able to remit or withdraw at their convenience. This also enabled the largest network of small businesses to participate in the financial markets with a minimal barrier to entry, a mobile phone. While this was a step in the right direction, it still had its flaws.

The world shifted towards convenience however there was further value to be added as a paper money system still had the innate ability to face significant and immediate deflation, for reasons that had little to do with the people contributing towards the mode of production. As a result of political systems, Africa is no stranger to currency deflation, with countries like Zimbabwe seeing the worst of it. People would have to wheelbarrow cash to the market to simply buy groceries, for reasons beyond their comprehension as they worked hard, but were simply misrepresented. While it may be instinctive to rule this as an extreme scenario constrained to a given territory, as we shifted towards an open economy of inclusive global participants, this simply translated to more zeros and ones. Although we have the privilege of hindsight to draw such a conclusion, it still did not solve the issue of the deflationary effects of political systems.

The actions of a small group of individuals still had the unfortunate authority to hinder the progress of those that worked hard to build real value, simply because of policy created by a central authority. People have always had a say over policy, regardless of how much of an impact their opinion has on a given territory’s policy. Theoretically, I should have a say over how much paper money is created on an ongoing basis, as it directly contributes to the dilution of it. Policy should be geared towards providing greater benefits for those contributing to the empowerment of those creating policy, the system works for us. My interpretation of equity is when people are provided with the right tools, they need to succeed based on what they need and not based on what of what is perceived to be a need by those making decisions. Stakeholder empowerment is at the core of decentralization as civic participation and corporate governance must be geared towards providing the greatest amount of good possible for the most amount of people.

As we make the shift towards an increasingly connected world, with our Just-in-time supply chains spanning the globe, the location and wealth status becomes an increasingly irrelevant factor towards accountability. This is where blockchain plays a significant role as it contributes to greater transparency. Blockchain could simply be described as the storage of information on a public ledger, run on a peer-to-peer network of public servers. Ledgers on such a network cannot be deleted, and that is as transparent as it can get. If it runs on software, it is censorship resistant, meaning a central party is not required to ensure the validity of transactions. Transactions cannot be reversed, and the network cannot be shut down, due to the nature of peer-to-peer servers. As we shift towards the fourth industrial revolution, we must build more equity and empower stakeholders. The reality of decentralization should be to put more authority into those involved in the marketplace.

The traditional financial system is built around connecting those with capital to those in need of it, in exchange for value. As we pivot towards a greener economy, there is a growing need around interoperable financial services and we all must do our part to ensure entrepreneurs are able incorporate sound business logic into our business practices. We no longer go out to hunt and gather our food, thanks to advanced food production systems. This should enable us to take decisions for ourselves to create value throughout all interactions we engage.

In the new financial system, users will have access to decentralized apps that use public blockchains to participate in the new open global markets. Bitcoin is the first thing that comes to mind in the conversation of blockchain, and rightly so due to it being the first cryptocurrency to be invented. However, there are currently over 9,000 cryptocurrencies today since its inception in 2008. So, what exactly is cryptocurrency?

We have since determined that a currency is a unit of account, medium of exchange and store of value. Currencies are traditionally created by governments and used for its goods and services by participants of the marketplace. The word ‘crypto’ is typically used to explain the science of concealing data to transmit sensitive information. In SWIFT transfers, mobile money and now crypto currency, this code is used to protect and transmit sensitive data to ultimately validate transactions. Today’s cryptographic standards are applied and incorporated into the fields of cyber security and e-commerce. Therefore, it is imperative to acknowledge that cryptocurrencies are simply cross border value communication tools.

This is a goal that we have worked towards since the beginning of time, from the barter system to now the digital age. Trust is the foundation beneath our feet and that is an issue we have constantly been looking to solve. Be it through the trade of tools and resources, through the adoption of precious metals and coins, to the adoption of paper currency and now cryptocurrency.

The equation of time is described as the difference between apparent or perceived solar time and mean solar time. The divine laws of economics have always been around, it is merely our interpretation of those laws that have evolved over time. Value fluctuates based off the supply and demand of resources available to us. This is still the case. So why is bitcoin the one?

Well firstly, it is the first one to be created and put out. Further, it is based on a predetermined ruleset, or an algorithm. The algorithm is intended to solve the issue of trust by acknowledging the issue of inflation through dilution. Let us further explore the mechanics of why that is the case. Upon inception and release of its whitepaper in 2008, the first 50 bitcoins were mined. Since then, it continues to follow a simple rule set designed to acknowledge the very issue of inflation through dilution, using software, however it is fundamentally a solution for the equation of time.

By incorporating the concept of time into the law of diminishing returns, this software is based off the following mechanics in a bid to provide that solution. From its inception in 2008 to 2012, there was a possibility to mine 50 bitcoins every 10 minutes. This is then halved in cycles of four years, allowing for 25 bitcoins to be mined every 10 minutes between 2012 and 2016 and 12.5 bitcoins every 10 minutes until 2020 and so on. This process is repeated for a fixed period, and there is a limit of 21,000,000 bitcoins that can be mined.

This is based off the most popular traditional asset class we are familiar with, fixed income securities, or debt securities. Fixed income securities are traditionally bonds of trust designed to provide investors a reward for their investment. Bitcoins follow a similar principle. This however is not the case for the rest of the cryptocurrencies invented, as they can be mined in an infinite manner, leading to the possibility of inflation. Therefore, bitcoin is referred to as digital gold, in the sense that it is precious due to its finite nature. This does not render all other cryptocurrencies invalid, however we should do our research to understand the economics of each of these digital tokens and their features.

It is important to understand the narrative of the ideas we choose to put our support behind, as ultimately the possibility of quantitative easing is possible with all tokens. A blockchain has viability to be used as a crypto currency only upon universal adoption, just like fiat. It should also strive for liquidity which can be achieved if the currency can easily be exchanged for fiat with ease. Blockchains also provide for the benefit of an irreversible paper trail, although there is the possibility of dilution through infinite paper trails.

“A failed narrative is a narrative. A successful one is history”. This was a quote I came across at a virtual event a couple weeks ago, which was on the topic of ‘cross border value communication tools’, or cryptocurrency as an alternative asset class and investment vehicle. Gauging an idea from the outlook of its narrative provides a helpful perspective be able to evaluate innovative new concepts for utility.

History is an empirical record of what has occurred. The reasons for its occurrence may or may not be comprehensible at the time due to a variety of reasons. The transmission and reception of these occurrences could also lead to misinterpretation. However, that still does not change the fact, that it is still a product of the age in which it occurred.

Thanks to Carnegie and the Bessemer process, the second industrial revolution was a time when steel was not only available for cheaper but also available faster and in larger quantities. This meant the rail industry could lay more track and grow strategically towards a wider reaching network. Overwhelmed by unprecedented innovation, the government had embraced a laissez-faires policy through their hands-off approach to regulation and giving subsidies to those in the railroad industry. Therefore, this was such a pivotal era for industry in America as entrepreneurs would answer some critical questions to determine their strategy.

This facilitated the transportation of raw materials from places where resources were available to other places where they could be processed more efficiently with the help of a larger labor pool. Further, it provided them the opportunity to access a wider market for their finished goods as they could now achieve scale through the subsidized cargo train industry. Another level of decision making would occur amongst those with access to resources, and the know-how, as they could now try to determine most efficient system for their business to operate. They could now move people through these passenger trains which gave them the option to shift headquarters and attempt to reach profitability a resourceful manner. In my view, this entailed a redefinition of the word, convenience.

Very early in the 20th century, the discovery of blooming oilfields made it clear that Oklahoma was a substantial prospect for prosperity. Thousands of Americans flocked to the oil-rich state with the prospect. The “Glenn Pool” oil reserve was dubbed the ‘richest small oil field in the world’. This also came on the onset of newly improved production methods of steel. Alongside coal, this was a key contributor to the booming energy sector that fueled the second industrial revolution, resulting in a network of railroads was being built across the country to facilitate transportation of passengers and goods, at scale.

Although the government adopted a hands-off approach to regulation, they still grew a timely presence in the region as the sector was undoubtedly a substantial source of revenue. A county courthouse was built by the year 1912, although a newer one was built in 1917, just five years after building the first one. The year 1914 also saw the construction of a marvelous convention hall with a seating capacity of 3500 people as well as a new federal building the following year. While significant, this government expenditure was largely overshadowed by development carried out in the booming private sector.

During the period following the civil war, racial segregation and social injustices were prevalent and this was a promising expectation of a fresh start, a better life for truly anyone willing to work for it. Although the population of Tulsa Oklahoma in 1910 was close to 10,000, that figure very quickly topped 100,000 by the end of the decade, earning it the title of the ‘oil capital of the world’. An entire industry was birthed out of thin air, or rather dug out of the ground, spawning nearly 400 companies in the sector we know today as, oil and gas.

This also further contributed to the already growing trend of specialization as this geographic location was clearly an attractive one. There were industry players ranging from the big barons with their refineries, to those dealing in the manufacture or supply of oil field equipment, petroleum tankers and pipelines to facilitate this literal liquid-gold rush. Word had spread across the country and fast. Fortunes were being made, lives were being rebuilt and the virtues of life in Tulsa were that of a fresh start, full of hope and possibility. This was a place worth sacrificing for, and thousands of Americans did just that. They flocked the city arriving not only in passenger trains but also by road, in their wagons, on horseback and even on foot. The downtown region went on to be called the ‘Greenwood District’ and it was home to a vibrant, self-sufficient community of local businesses, schools, and an emergent entertainment scene.

There was also substantial real estate development boom to accompany the migration of a prominent African American neighborhood. The prominence of this neighborhood also led Greenwood to be dubbed as ‘Black Wall Street’ due to a substantial presence of a thriving community of African American professionals that were setting a new precedent for excellence that was gaining notoriety across the country.

The most notable figures at the time were residential real-estate and hotel developers such as O.W. Gurley (Gurley Hotel) and J.B. Stradford (Stradford Hotel), as well as Dr A.C. Jackson, a renowned surgeon, and B.C. Franklin, for his law practice. Quite a few African Americans had ties in Oklahoma for generations and others came from the states of Mississippi, Missouri, Georgia and more.

Towards the end of that decade, greenwood was home to over 200 practicing attorneys, 150 doctors and 60 dentists of African American descent. This was also accompanied by theatres, hotels, restaurants, furniture stores, clothing, and jewelry stores. There was also plenty of freshly painted residential homes, described as ‘castles’ back then, due to their grandeur in size and design, sprawling into the suburbs. There were workingman’s castles featuring electric lighting, indoor plumbing, and spacious front porches. The oil barons had real ones, because why wouldn’t they.

The pace at which a “downtown” area was formed was truly of marvel, often described by visitors as new and up-to-date seeming. There were electric trolleys to haul goods and a line of four inter-suburb trains for passengers. It was also a spectacle from the perspective of architectural digest, with modern office buildings and stone churches playing a big role in the development of a ‘skyline’. This led to some awfully picturesque post-cards, commerce chamber pamphlets and many more features in publications nationwide. It was referred to as “Magic City” because of the sheer pace at which it began to prosper through the decade. Some would dare to say utopia.

Blockchain and cryptocurrency today are innovations as impactful as Oil and Steel was back then. The reason for my drawing such a parallel is due to the unprecedent pace at which we are seeing innovations, though on a magnified scale. We have since seen a period of growth and innovation, not only building on the technologies ushered in during the second industrial revolution but the conception of newer ones as well. As we look back on a century of progress, one cannot help but consider how globalized our world has gone onto become since then. We have since used the improved energy sector to further improve on our way of life.

Since then, we have had attempted to head in the direction open economy policy, in turn leading to greater migration numbers. This has also been supported by a global network of subsidized airlines due to increasing international competition in the space, facilitated by low oil prices from more reserves globally. We also have more cars on the road than we ever did for a variety of factors. An emergent middle class is the key contributor for this as they now have access to more providers of auto loans and leases, leading to an up-and-coming rideshare and food delivery industry. Though industries have been quite disruptive toward their traditional counterparts, it is apparent that they might show resilience in their respective sectors.

As marvelous as transportation of people and things can be, the greater innovations have come from those in the space of information technologies. We have seen the invention of the great personal computer which has seen decades of reiterations leading to significant improvements in computing power, increased functionality and in turn, enabling us to complete a wider variety of tasks. These have also gotten smaller and smaller, with the first few iterations requiring multiple rooms to house large servers transitioning to the more portable laptops as we went further into the iterations. This trend has also been consistent with the mobile phones we use, starting off with landline telephones but very quickly moving toward wireless mobile phones. With iterations, these have also gotten smaller in size like our PCs, while fitting in a wider array of functions to better serve the user. A vital development here was that of text messaging and eventually video chats & Instant-messaging apps, to better facilitate ways for people from our increasingly connected world to communicate with.

The most significant innovation that this technological revolution had brought forth with it was the internet, which facilitated a lot of the more recent improvements we have seen. The significance of these in the context of a globalized economy can be seen through what E-mail has allowed us to do. For most of humanity, we have relied on the classic analog method of communicating through writing letters and sending them via messengers, through post offices and mailboxes. This one development truly enabled us to improve international communications as it brought the cost of these services from paid to free. Sure, one would require the appropriate combination of hardware and software paired with an internet connection to do so, which costed a significant premium. However, such an appearance of a premium very quickly disappeared as more of the world went online and drove down the prices for the hardware needed to get online.

This was also able to facilitate the drastic enhancements on the internet that facilitated all this innovation, through higher bandwidth that allowed more users to be accommodated in our virtual world. This in turn led to faster and clearer communication not only between individuals and families but also for businesses of all sizes. This also allowed us to connect with one another in a more expressive manner, allowing us to share thoughts and emotions through an increasingly higher number of interactions and media.

These technological innovations have come in at a faster pace, which is growing exponentially as we head into the twenty first century. We essentially walk around with supercomputers inside of our pockets. Not only do these applications on our smartphones and laptops entertain us better but have allowed us to be able to work from anywhere, causing us to reimagine and reinvent definitions at each step of the way.

Aside from the sectors of technology, media and telecom, another sector that’s seen significant innovation is that of financial services. We have gone from having to go bank branches and waiting 5 days for simple remittances to doing that and some more from the palm of our fingertips. The primary function of this industry is to connect those with capital to those in need of it, providing incentives for the deferral of consumption, or saving. This has further enabled us with not only the convenience of replacing cash with microchipped plastic cards, but also a wider network of smaller businesses that are able to accept such microchipped cards through simple card readers at points of sale.

These innovations have also led to the reinvention of tasks usually conducted during the regular ongoings of the business. Small businesses can now complete their taxes through DIY tax return platforms, and they also have easy access to a credit facility to keep the lights on in the near term, or cheap debt for scaling and expansion through further capital expenditure, further equipping us with more options to skin a cat.

Financial services have also had to innovate to remain competitive and justify the exorbitant fees that are usually associated with the industry, although there has been no shortage of innovations in the wide variety of financial products available. From hedge funds catering to families of high-net-worth individuals to investment banks, the adoption of proprietary software and algorithms for high frequency trading has also brought forth innovations to stay ahead of the curve.

All this innovation has spurred the rise of the retail investor that is now equipped with just as much information and just as many financial products that would traditionally only be open to those employed in the industry. Self-service brokerages and trading platforms have now made it easier than ever for an inclusive financial services space, not only through platforms but also with innovative accompanying products such as exchange traded funds and access to pooled closed-end mutual funds. This has also equipped the retail investors with the possibility to trade options and derivative instruments, as well as access to margin accounts that would traditionally not be available to retailers. This shift is said to democratize financial services, which leads us to my nascent career as a student enrolled in a Bachelor of Finance degree.

Early last march, I was sitting in the back of my ECON-1500 classroom, bright and early the week after our mid-term examinations. Though this was not my first time in a macroeconomics class, in hindsight, it was a healthy positive refresher to be able to review the subjects that we did then as they helped me better understand the series of events to follow. Being a PHD in economics, our professor was quite passionate about the subject of economics due to which he was a fan of news review, often discussing 2–3 key headlines before the beginning of class.

We had just completed our mid-terms covering the modules relating to GDP, cost of living, production & growth, and the monetary system. We were looking at things from a granular level, they didn’t seem to add up then, but this specific class, would change a lot. In this class we were to go over the module of the basic concepts of the Open Economy Macroeconomics. This news review of this class entailed just the one headline. “Have you heard of this new virus outbreak in China?” he asked. “Damn, that’s crazy” I responded.

This was only a couple months after I’d been let go from my part time role at a call center, when students living on campus were requested to return home or move out of residence for social distancing purposes. Having initially started my business degree in 2013, going back home was the last of my options as I was determined to see the degree through. Hence, I did what any international student would do, bought a used 2006 car, and joined the gig economy as a courier delivering mail. This seemed like the most logical option as clearly no one would be hiring during the outbreak.

As things unfolded into a full-fledged pandemic, we began to hear more news of outbreaks, travel restrictions and lockdowns. I had never experienced a pandemic before, let alone as an international student, however I was grateful to have found a way to stay and continue with my studies. None of us would have guessed it to go on long as it did, or with the intensity as it did. It was severely downplayed, especially since it was difficult for us to make sense of what was being heard on the news. I don’t claim to have a superior immunity system, neither am I a disbeliever of respiratory diseases. It was merely shocking to have read that the province where the outbreak had restricted travel locally yet permitted foreign travel. Being from Tanzania, a tourist destination, I had also heard of a lot of tourists flocking to the country, as reported by my fellow international students studying abroad that chose to return home.

While this was my first year as a returning student in Canada, I had the privilege of interning at a law firm prior to my return which had instilled in me the curiosity of news reviews and keeping up with global events. Having read about the US strike on Iran’s military General Soleimani, there was no shortage of conspiracies around the possibility of “WWIII”, marking a major escalation in international tensions. This was also at the time when activists began raising awareness around the mistreatment of Uighurs in China being sent to re-education camps. Having learned about Indigenous residential schools as a part of as part of my curriculum in Canada, I was vaguely familiar with the concept influencing cultural beliefs based on cultural identities or backgrounds. However, the latter was taught in the form of a political science course, and the former I came across in the Globe and Mail newspaper. These events, in combination with my personal experience of having to find a new job and accommodation on such short notice, left me with general skepticism and uncertainty.

During this time there was also speculation regarding the source of the outbreak, mostly in the form of satire and memes. Following a period of memes related to ‘eating bats’, some conspiracy theorists had also claimed the source of the outbreak to be from a lab in the Wuhan province of China. The same province that’d restricted travel throughout the country yet permitted foreign outbound travel, as was pointed out to me by a friend. I assured him it was likely to do with the pro-democracy protests in Hong Kong due to their one country two systems rule.

My work as a courier entailed delivering packages to and from various law offices, accountants, and pharmacies, I couldn’t observe the glaringly obvious shifts that were happening around me. Given a letter almost a week into starting work that said I was “essential”, I went about my work trying to navigate the unfamiliarity of driving in the busy streets of Toronto. As I continued to do pick-ups at pharmacies, people began to wear surgical masks and request more of their medicines be delivered through our service, as was the case for the accountants, which I assumed was due to upcoming tax season. I then began working slightly longer days as lesser and lesser drivers were available to come out for deliveries, “more work for me” I thought as a newbie to gig work.

This was also when I’d heard of pandemic relief programs being rolled out and I remember the bar to eligibility being rather inclusive. Knowing I was not ineligible and that I could use the help, I applied for the program and to my surprise I received the help part of the CERB, or Canada Emergency Response Benefit. As a finance major, I had heard of the concept of Universal Basic Income being floated and this program seemed along those lines. It was helpful indeed as I’d truly underestimated the costs of being a first-time car owner, with the most conservative insurance quote costing twice what I’d paid for the car, annually. The economics did not make sense, but they did not have to as it meant I could continue studying.

I was also grateful to be able to move around relatively freely during the pandemic, in contrast to those facing lockdown orders, due to the nature of my work. With fewer drivers willing to get on the road, I carried on delivering more pharmacy orders to at-risk individuals, often the elderly, some of whom lived in retirement homes. The hospitals where I picked up their medicines from had also began to require masks and screen those entering, however there was varying levels of comfort around masks upon deliveries.

The sentiment around wearing masks, especially at home when accepting deliveries, varied quite a bit. There was significant commendation on lawns, windows and front porches thanking all the hospital workers for their continued work, which was quite uplifting to witness. The sentiment was mirrored whenever I made deliveries too, with some asking us to leave it at the door. Those that were required to stay at home, showed true resilience in anticipation of news around vaccine research.

As we went into the summer, masks and social distancing guidelines were put in place around the world. People had been staying indoors for a few months now, and masks requirements became the new normal. This was when we received the unfortunate news about the death of George Floyd in Minneapolis, which came on the back of two other high-profile killings of black Americans in recent weeks. In the following weeks demonstrations were held in support around the world, from Washington, to Toronto to London. This would set a narrative for the upcoming US Federal elections as police brutality, and eventually politicized policing would be one of the key issues to be addressed during the 2020 Federal Elections. Although it was a contentious election, the winning ticket featured a historic debut by the Biden Harris administration.

Sometime in April however, there was further unrest starting to gather, not just in the US, but also in Canada around the issue of continued lockdown and social distancing. It had been a bit over a year since the beginning of the pandemic and there had been some news around promising news of vaccines. People were hurting, especially those that had seen their businesses shuttered due to stay at home orders. There was also an emphasis on the restriction of personal movement and association, leading to demonstrations in various states the ease of restrictions of social distancing measures.

A short while later, more medical journals and newspapers began to release reports around the origin of coronavirus and the speculations around the origins of the pandemic started to gain traction. President Biden has since sought a deeper investigation. Into the origins of the virus, after an international mission to China earlier this year proved inconclusive. The growing sentiment was that regardless of the validity of the theory that it originated from a lab accident; it was vital to study the origins of the pandemic.

There was also skepticism around the safety and efficacy of vaccines as reports came out around one of the brands leading to a case of side effects documented. Further unease was growing since there were documentation requirements to sign up to receive the vaccine, that people were already hesitant about. There had also been a growing sentiment around people’s ability to choose whether to get vaccinated, and if so which brand. There were also further concerns around privacy and documentation needed to sign up, should they be willing to as people were concerned about their information ending up on a central database.

As it stands today, those concerns are still valid since there is a myriad of opinions around not only vaccines but also around whether Vaccines should be mandatory. Some believe it should not come at cost and others are simply worried about being tracked. There is further divide due to changing opinions from occurring outbreaks around the world and vaccine diplomacy in third world nations. This raises some interesting questions around not only vaccination but also around what we truly consider essential.

This pandemic has helped highlight certain hypocrisies of the world that we simply cannot conclude on today. We have seen differing responses from various countries based on our ability to cope with the outbreak, and that it is directly tied to our ability to stay at home for the greater good of containing the spread. We have also seen that while some are able to pivot towards ‘work-from-home’, that is simply not an option for others, either due to the nature of our jobs, or lack thereof.

As developed countries work towards getting people vaccinated, others question whether they will be required to have a vaccine passport. What would be the costs and who would incur them? What would mechanics of implementing such a system and would we be able to organize quick enough to begin to return to normalcy? Would it truly ensure herd immunity, especially given the flurry of variants that seem to be emergent?

As the outbreak occurred, policy makers around the world scrambled to respond to a pandemic outbreak which we haven’t faced for a little over a century. Some policy makers would effectively shut off their economic engine with extreme diligence and discipline while others would do so through quantitative easing and pandemic relief programs. Those that were able to lock down in a diligent manner right off the bat, were able to recover right away while others would do so through a blitz of public spending. Some countries will emerge out of the pandemic in significantly better shape than the rest, regardless of their approach towards lockdowns or spending, while others would emerge in worse shape, even if they did or did not lockdown and/or spend on pandemic relief.

We can also discern that there are grave economic consequences, considering this would depend not only on the nature of our work, in which country we work but also the kind of resources and support we have available to us, be it from the government or through personal means. I have been amongst the privileged ones to be able to stay-at-home when required to as well as to receive my first dose of the vaccine, thanks to support of the government in my jurisdiction, although this is not a universal sentiment.

We also have the hindsight to be able to distinguish between the various occupations that we can take on, since some were considered essential workers in developed countries, while those in developing ones would simply consider what they do essential to survival due to economic disparity. This would lead me to ask myself the question what the time value of money meant to me. I had the privilege to not require a hospital bed and to continue to earn a living, while other developing countries were charged exorbitant premiums for oxygen cylinders and ventilators, for profit.

As the oldest son living away from home, it was disheartening to hear about my mum contracting the virus only after the fact, while I continued to push towards degree with the prospect of a job that may improve the economic narrative of my family. We seem to be surrounded by technological advancements and complex financial systems, yet we still are unable to organize ourselves for the most basic of necessities.

The pandemic has birthed a new care-delivery framework to not only improve the economics of healthcare but also to shift the emphasis away from volume-based care towards outcome-based care. The key distinction between the two being the former placing an emphasis on the how many patients a hospital tends to, in comparison to how many patients’ health is improved based on the outcome of their hospital visit.

I continue to ask myself the question of the time value of money and what truly constitutes work that is deemed “essential”. Have we truly evolved from the hunter gatherer days? What is the time value of money?