The Microeconomic Legacy of COVID-19

Here we are in the middle of a health crisis so dire we are calling it a pandemic. Businesses are closed, government is at a standstill, and schools are experimenting with remote learning. While hospital beds are filling and ICU’s are at maximum capacity, what are the economic repercussions? We are hearing about small businesses going bankrupt, renters unable to pay their bills, and massive unemployment. It is difficult to imagine any positive outcomes while in the midst of such a global crisis.

If we look back through history, we see there have been some beneficial results from similar health crises. Online shopping will surely feel a surge of orders, distance learning has included online AP review sessions with concentrated efforts to improve learning, and modern technology has enabled humans to remain in touch while observing social distancing. What advances could be made under this stressful situation? Other than public health improvements, what else could be enhanced? Information sharing, coordinated efforts to reduce germ sharing, smartphone apps to help avoid future crises, the sky is the limit. All of these improvements are reflected by growth in creative solutions.

All of these upgrades improve household quality of life which in turn boosts local, regional, and global economies. Small improvements at the family and household level build upon each other creating impressive boosts to the economy as a whole. We are all connected after all.

Sources:
https://hbr.org/2020/03/what-coronavirus-could-mean-for-the-global-economy
https://www.dukehealth.org/covid-19-update/resources