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The very threads that hold the economy seem to be getting unstuck with the virus. If the virus doesn’t affect a person directly, it can affect one economically by stopping one from going to work, m...
China is the world’s largest exporter of goods, and factory closures in the country affect global manufacturing and supply.
Apart from the very visible health costs, the economic costs of th...
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The current pandemic has led to an economic free fall which is unparalleled in history. In the US alone, the unemployment rate plummeted at such a speed that more than 10 million have claimed unemp...
The Pandemic Lockdown in the U.S. directly affects the livelihood of a shocking 80% of American workers who work in retail, real estate, education, entertainment and restaurants.
Many of these offices and stores are not going to open after that.
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One impact of the ongoing pandemic has been the decrease in fossil fuel consumption and CO2 emissions. This is due to factories that emit gases being shut across the world.
Due to the lockdown, transit-related emissions have also decreased as people stay at home and non-essential items are no longer in demand. This has also reduced power and natural gas demands across the globe.
Example: Passenger vehicle traffic in the U.S. is down by 38 percent.
On the whole, there is an unprecedented global disruption, causing a sharp drop in carbon emissions, which will affect the economy in untold ways and the effect may last a few years.
It depends on the world leaders if they restart the old ‘oil’ based energy sources, or get into the new clean energy options (like Electric Vehicles) once the pandemic is dealt with.
The last three months have been extremely difficult for the entire world since the new virus made its presence known. People are requested to remain in quarantine worldwide in order to enable the h...
During these dark days of the pandemic, countries chose to respond differently in front of their common enemy: while China made a goal out of saving as many lives as possible, the US seems to have decided on prioritizing the economic system over the health care one.
When faced with a danger like the current virus, individuals tend to have a reaction of whether extreme fear or one of denial.
These reactions could be explained through a number of well-known facts such as our tendency to take into account the first-order effects, rather than the second- or third-order ones, the overall mentality which is mostly linear, not exponential and the focus on one-off solutions rather than trying to refine routines.
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