Question

Write an essay about the covid-19 shutdown. How an economist would view this situation, and what would be their perspective of what is happening to the economy?

Answer 1

Cornoavirus 2019, a virus which spreads on exponentional rate. According to the most latest news , one Cornoavirus positive patient has infected 41 others people. Known to everyone this virus come in 2019 and doesnt have any medicine and vaccine and mutual consent is lockdown, including the consent of Economist. Yes, The negative effect of lockdown ( which means complete shut down) in monetary terms is very huge but its also a fact the negative effect of not locking down the economy in this crisis term is even huge both in monetary terms and human life. The biggest asset for any economy is its people. Good health of people is postively correlated with larger GDP.

In this Crisis Situation, no country can get away from losses but lockdown is a way to minimise the losses. For eg:USA which didnt have lockdown on the right time has most number of death till date and huge number of people in USA has lost their jobs. Since it didnt have lockdown on right time it needs and should keep the lockdown for a larger time period. According to a report USA needs to keep the lockdown till 16th August as compared to 16th of july 2020 for India who had lockdown at right time.

As an economist my Null hypostheis for my future research would be that countries which had lockdown on right time had minimised losses.

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