Question

“Governments in the countries affected by the pandemic face a policy dilemma of striking a balance between minimising the human cost of the coronavirus outbreak on the one hand, and the economic damage created by the containment measures on the other hand.” Evaluate this statement from the economic point of view by discussing the concepts of scarcity, tradeoffs and opportunity cost. please keep it between 300-400 words

Answer 1

Using the concept of scarcity, trade-offs and opportunity cost we analyze the policy dilemma of government of striking a balance between minimising the human cost of the coronavirus outbreak and economic damage

• The pandemic has clearly had and will continue to have profound impacts on households and cooperations in advanced economies.This is combined with problems arising from the often low levels of public health provision in these economies
• The cut in interest rate is not just about reducing financial costs, it is very much about trying to gain the confidence of severly related investors.Monetary policy also needs to fight against the negative impact of COVID-19.
• COVID-19 has managed to incite a major collaborative effort in the scientific community, in particular in the artificial intelligence and machine learning communities which eventually help to minimize human cost
• We must have a pandemic medical response supplementary by short term massive economic measures to help vulnerable citizens and small business then there will be long term economic restructuring
• Government need to rebuild a productive ecosystem that require sustained public investment, trade rules that prohibit dumping and avoid private equity looting,

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