Question

? Why do economists care about loneliness? What areas of the economy are impacted by loneliness? What are the financial and economic impacts associated with loneliness? What should the Government of Canada do about loneliness, if anything?

Answer 1

Economist care about loneliness because-

• Loneliness is gaining attention as more people are suffering from it. Loneliness impacts persons productivity to work.
• Due to this, production of the product by a company is impacted.
• Also, since young people are more affected by this mental illness, the demographic dividends brought up by younger generation to the economy is impacted.

What areas are impacted?

• Country GDP as the goods and services production in an economy is impacted .
• Loneliness policy of government to reduce isolation of the individual provides decrease in social care cost in long terms.
• Unemployment is increased
• Depression affects individuals productivity to work. Thus , all three sectors of economy - Primary, Secondary, and Tertiary sectors are impacted.

Economic and Financial Cost

• It is researched that for every unit of money invested to combat Loneliness, 3 unit of money is saved in social care cost. This is the driving force behind enforcing Loneliness policy .

What should the Canadian Government do?

• Government, should enforce a Loneliness Policy to combat this mental issue.
• It should raise awareness regarding this problem.
• It should create a separate Ministry of Loneliness as created by UK.
• Research and Development funding regarding this issue should be increased.
• It should have a Loneliness budget.
• The policy should be inclusive.
• It should use possible levels of Technology and it's policy must be flexible enough to adapt through times.
• It should promote public community activities so as to encourage people to have more people to people contacts.

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