Deck 15: A Trail of Disruption

Question 1

For specific countries, what is the impact of the coronavirus pandemic on lives lost, infections, production of output, and employment?

Answer 1

Empirical answer with opportunity for research

Question 2

Why do pandemics leave a trail of disruption? What economic and social costs are in the trail? Which of these costs lead to long-term effects?

Answer 2

Pandemics have the potential and propensity to leave trails of destruction, logistical and otherwise, wherever they may spread. This potential can be exacerbated depending on several factors, including elapsed time of the crisis, geographical spread, and mitigation efforts. From an economic standpoint, it seems that the majority of costs revolve around middle- to low-income citizens, and, by association, blue-collar workers, while social costs are more prevalent in previously heavily-populated geographical locations. As the pandemic spread, both in literal contexts and in media coverage/public awareness, those unable to reasonably work and operate from home were inherently harder hit by its circumstances. Conversely, those who were better positioned to isolate while forgoing relatively negligible comforts were both naturally shielded from the virus and able to maintain a similar quality-of-life to pre-pandemic standards. For example, while a factory worker was strongly compelled to go to work despite suggested governmental regulations, an attorney was readily able to work from home, all the while being compensated at levels astronomically higher than his workforce counterpart.

Question 3

The book discusses the effects of a pandemic on the economy, policy, society, health, inequality, the environment, education, technology, the international economy, economic geography, and cooperation. Which outcomes are most pronounced?

Answer 3

There is a reality that, while being pertinent for all of documented human history, seems to be more contemporaneously impactful than ever before: the rich will get richer and the poor will get poorer, by ever-increasing margins. For this reason, of the numerous effects of a pandemic on a given economy mentioned above, the component upon which the rest depend is inequality. Extrapolating that concept further, the related issues of inequality AND equity have a direct effect on all of the others listed. In a society like ours, so utterly burdened by egregious inequality and inequity, the economy, policies, aggregate health, education, technology (and reasonable access to it), economic geography, and cooperation all become polarizing issues, and in turn, become polarizers in times of crisis. We have observed this reality, especially when considering the pandemic performance of countries with, for example, universal healthcare, and greater societal cooperation. Inequality and inequity were and are the greatest precursors to societal inefficiency and failure, notably during widespread crises.

Question 4

Because of the coronavirus pandemic, did the production of output decrease more in the service sector or goods sector? What is the implication for employment, digital interaction, remote work, and e-commerce?

Question 5

How did the coronavirus pandemic reveal weaknesses in the healthcare system? What changes may enhance the ability of the healthcare system to provide efficient outcomes and address the inequality of access? In the future, what is the role of telemedicine?
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Question 6

The coronavirus pandemic led to mixed effects on the environment, including lower levels of pollution and higher levels of hospital waste. How would you characterize the overall environmental impact? In your answer, consider specific pollution flows, changes in greenhouse gas emissions, and the discharge of personal protective equipment.

Question 7

The coronavirus pandemic led to an increase in both the supply of and demand for online courses. During the pandemic, remote education provided a method for schools to educate students. What is the effect of this technology? How should society eliminate the digital divide?

Question 8

What lasting technological advances began during the coronavirus pandemic? How do these advances contribute to the economy?

Question 9

During the coronavirus pandemic, strict intervention policies controlled the disease. They put the economy in better position to recover. After reviewing country-level epidemic curves and the timeframe for intervention policies, which countries were most successful in stopping the spread of disease and minimizing economic costs?

Question 10

During the coronavirus pandemic, countries shut down large segments of the economy. Business losses were compounded by personal costs, including extended periods of isolation. In retrospect, should public policy have prioritized these economic and personal costs? Explain.