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How to restart the economy with a post-pandemic workforce | MIT Sloan

https://mitsloan.mit.edu/ideas-made-to-matter/how-to-restart-economy-a-post-pandemic-workforce

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How to restart the economy with a post-pandemic workforce | MIT Sloan
While a drastic shutdown of business has been a key part of tackling the COVID-19 pandemic, the economic fallout is spiraling, with almost 10 million people filing for unemployment in the last two weeks of March and markets dropping precipitously. A key question now is how to restart the economy safely and efficiently when the time comes.

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Getting the economy back on track

While fighting the new virus economy worldwide has seen a huge growth in unemployment. Therefore, measures are to be taken and this as soon as possible. Maybe the most significant factor into getting the economy worldwide back on track is getting people back to work. One efficient way to do this is by using vaccines and tests for antibodies to make sure that the people who are getting back to work have developed immunity.

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Immunity vs. privacy

Getting the worldwide economy back on track requires workforce. Providing this workforce requires healthy individuals able to work hard enough to help things get better. Governments are now trying out ways to officially have people's health checked: by providing different types of certificates, for instance. The major concern, however, is in regards to everybody's privacy: while these certificates do prove our immunity, research institutions are working on developing tools that can also protect our data.

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Certifying immunity and its advantages

It might be that only by certifying workers' immunity, states can help their economy know growth again. However, in order to make the people who get certified take up positions that require direct contact with customers, there will be a need for encouragement from employers' side, such as pay raises. As this is maybe the only real option, countries worldwide are going to have to apply the method.

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SIMILAR ARTICLES & IDEAS:

The influenza pandemic of 1918

It is often referred to incorrectly as the “Spanish flu.” Between 50 and 100 million people are thought to have died, representing as much as 5% of the world’s population. Half a billion people...

The origins of the "Spanish" flu

The so-called Spanish flu did not originate in Spain. The geographic origin of the flu is debated to this day, though hypotheses have suggested East Asia, Europe, and even Kansas.
The influenza pandemic from 1918 got this name most likely because of the WWI context: The major countries involved in the war were keen to avoid encouraging their enemies, so reports of the extent of the flu were suppressed in Germany, Austria, France, the United Kingdom and the U.S. By contrast, neutral Spain had no need to keep the flu under wraps. That created the false impression that Spain was bearing the brunt of the disease.

The end of mankind

The 1918 flu spread rapidly, killing 25 million people in just the first six months. This led some to fear the end of mankind and that the whole thing was caused by a form of super-virus.
Recent studies show that the high death rate can be attributed to crowding in military camps and urban environments, as well as poor nutrition and sanitation, which suffered during wartime.

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A new playbook

Growth evangelists are right when they state that severe lockdowns produce a parallel human misery of unemployment, looming bankruptcies, and extreme financial anguish. Yet, opening the economy too...

The false choice

“Save the economy or save lives” is a false choice.
A group of economists published a paper on the 1918 flu outbreak. Their findings revealed:

  • Early and aggressive interventions saved lives and triggered a faster rebound, such as job growth and banking assets.
  • Without a healthy population, there can be no healthy economy.

The hope is for a deep, short recession, to show that people have shut the economy down to limit the spread of disease.

A living wage

Asking millions of able-bodied workers to stop working creates a crisis of unemployment.

During this time, the U.S. is expanding unemployment benefits and are also delaying tax filing. In northern-European countries, the government is directly paying businesses to maintain their payrolls to avoid mass layoffs and furloughs.

The pandemic

According to the World Health Organization, a pandemic is declared when a new disease for which people do not have immunity spreads around the world beyond expectations.

Declaring a pandemic

When declaring a pandemic, the World Health Organization has the last word. There is no threshold, such as a certain number of deaths or infections, or a number of countries affected, that needs to be met.
And once a pandemic is declared, it becomes more likely that community spread will eventually happen, and governments and health systems need to ensure they are prepared for that.

Dealing with the current pandemic

Although a pandemic has been declared, there is no need for global panic. Panic would defeat the purpose of trying to raise awareness.
It is still urging countries to detect, test, treat, isolate, trace and mobilize their people.