Question

In: Economics

Briefly discuss five ways in which economic planning can be used to reduce the economic impact...

Briefly discuss five ways in which economic planning can be used to reduce the economic impact of global pandemics such as the Corona Virus in the future

Solutions

Expert Solution

economy can be prevented from the adverse impact of medical pandemic and threat like COVID-19 by adapting following manner-

  1. SPENDING ON R&D-in the economic planning,proper amount of funds should be allocated to the Research and Development wing so they could keep researching against the probable threat which can arise in future.
  2. IMPROVEMENT IN MEDICAL FACILITIES-there should be proper arrangement of medical resources and equipment in the hospitals,therefore proper medical facilities should be provided to the citizens and by doing this the sudden supply shortage and panic situation among the people can be eliminated.
  3. AWARENESS AMONG PEOPLE-the most important investment which can be made is the spending on people awareness concerned with the pandemic.people should be realized and made aware of the threat and all measures and steps undertaken by authorities are meaningless if public don't co-operate.
  4. PRECAUTIONARY MEASURES-prevention is better than cure,therefore people should follow the precautionary measure like wearing mask in social place,social distancing,work from home culture etc which would help government to combat with covid-19
  5. INVESTMENT IN HUMAN CAPITAL-ultimately we can conclude that the importance in the fight against the corona virus is completely depend upon the human productivity based on knowledge and literacy.all the developed nations are conducting research on vaccination and thus instead of war spending, funds should be spent on schools,colleges and educational institutions because efficient and productive manpower is the most important asset of any economy.

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