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Editor's Note: The Atlantic is making vital coverage of the coronavirus available to all readers. Find the collection here .
Over the past few weeks, I've asked a version of this question to a dozen economists. What follows is an attempt to distill their thoughts into four rules that should govern our short-term reaction to the health crisis. It is not just a rebuke to the gospel of growth. It is a new playbook for pandemic economics.
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Coronavirus forces economics profession to leave comfort zone | Mohamed El-Erian | Business | The
Such a change is sorely needed. With overwhelming evidence of massive declines in consumption and production across countries, analysts in advanced economies must reckon, first and foremost, with a phenomenon that was hitherto familiar only to fragile/failed states and communities devastated by natural disasters: an economic sudden stop, together with the cascade of devastation that can follow from it. They will then face other challenges that are more familiar to developing countries.
Purdue economists: Americans unemployed due to COVID-19 lockdowns could be slow to return to work
Malls and department stores — including Simon Property Group, the nation’s largest mall owner, as well as Macy’s, Kohl’s and other retailers — furloughed hundreds of thousands of workers while moving to online-only sales. Automobile and airline manufacturers, meanwhile, have temporarily shuttered operations.
A record 3.3 million Americans filed unemployment claims in the week ending on March 21, according to the U.S. Department of Labor . In Indiana, 120,331 people filed unemployment claims last week, compared with 2,312 two weeks ago, according to the Indianapolis Business Journal .
Economists fear slow pace of testing will prolong recession | TheHill
Epidemiologists are warning that unless the federal government overhauls its pandemic response to ensure a national system for testing, the U.S. could find itself in a vicious cycle of sporadic lockdowns until scientists find a treatment or vaccine for the coronavirus.
A scenario like that would lessen the chances of a quick, V-shaped economic rebound that analysts are hoping for and instead prolong the recession and subsequent recovery, damaging household finances for years to come.
While you're here, how about this:
To avoid a depression, forgive debts, one economist says - Marketplace
This is part of our "Econ Extra Credit" project, where we read an introductory economics textbook provided by the nonprofit Core Econ together with our listeners.
What is the next step to prop up the virus-battered United States economy, even as the $2 trillion stimulus package only begins to percolate out? Well, Republicans and Democrats have returned to talking about a massive infrastructure building program that would employ lots of people. That would be a post-COVID-19 intervention.
Bloomberg - Are you a robot?
Why This Economic Crisis Differs From the Last One for Women - The New York Times
— A new study by researchers at Northwestern University, the University of Mannheim in Germany and the University of California, San Diego.
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Today is Equal Pay Day, which represents just how much further into the calendar year American women would have to work to earn what their male counterparts made last year.
Women in the United States who work full time, year-round, earn on average 82 cents for every dollar that a man earns, according to Census Bureau data analyzed by the American Association of University Women . Women of color fare far worse: Black women earn 62 cents on the dollar and Hispanic women 54 cents.
White House Economists Warned in 2019 a Pandemic Could Devastate America - The New York Times
The 2019 study warned otherwise — specifically urging Americans not to conflate the risks of a typical flu and a pandemic. The existence of that warning undermines administration officials' contentions in recent weeks that no one could have seen the virus damaging the economy as it has. The study was requested by the National Security Council, according to two people familiar with the matter.
One of the authors of the study, who has since left the White House, now says it would make sense for the administration to effectively shut down most economic activity for two to eight months to slow the virus.
Happening on Twitter
I wrote about the 4 new rules of pandemic economics. Pandemics turn all economic logic on its head. Outdoor activi… https://t.co/Id1cvj0OQy DKThomp (from Washington, D.C.) Thu Apr 02 13:07:19 +0000 2020
"We need to get people money, or they will die. We need to get companies cash, or they will die. But if we don't cl… https://t.co/Rwa3225pj8 YAppelbaum (from Washington, DC) Thu Apr 02 11:52:17 +0000 2020
In a new age of emergency laws, human rights are more important than ever - new by me at @NewStatesman https://t.co/qG3hqRrixV AdamWagner1 (from London) Tue Mar 31 17:28:15 +0000 2020
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