The Economics of Pandemic

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Author(s)

Charles Courtney

Faculty Mentor(s)

Nelson LaPlante (Economics)

Abstract

This paper is an examination of the impact(s) that pandemics have upon the economies of nations effected. The sudden onset of the COVID-19 pandemic has thrust the world at large into a public health crisis the likes of which had not been seen since Spanish Flu ravaged the world nearly a century prior. The unexpected nature of the pandemic, coupled with the often-sudden actions taken by world leaders and businesses alike have left many questioning their economic prospects in the wake of diminishing job market. Utilizing historical analysis of the economic impacts of the Black Plague pandemic of the mid-fourteenth century and the Spanish Flu pandemic of the early-twentieth century, it can be observed that the immediate effects of pandemic on economies, at least on the level of an individual nation is an immediate economic boom due to an increased need for labor resulting in higher wages for those who survive. This is followed by a period of increased cost of living resulting in a period of economic depression which can take decades to recover from. Utilizing this analysis, a basic plan of action has been put together to help minimize the damage done by COVID-19 and how best to address future pandemics yet to be faced.

Keywords: Economics, Pandemic, Recovery

Presentation

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