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In: Economics

what is the 2 year outlook on the US economy from COVID-19. Use a comparative economic...

what is the 2 year outlook on the US economy from COVID-19. Use a comparative economic view of the current COVID-19 conditions to Antonine Plague, 1918 Influenza , Flu 1968, Black Death and the Plague of Justinian and predict the short and long term impact on the US economy. Compare the durations, technologies, and medical advances as well as the resources available to help

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Expert Solution

Answer : COVID-19 pendamic negatively impacted US economy. Highest mortality rate is in US economy of almost 1.5 lakh deaths with 4 million active cases. This led big loss to human resource of US economy. As compare to Flu 1968 US is bearing more death among young ones. During flu 1968 it affects only people above 65 years of age. And remained for almost one year. Black death and plaque of Justinisn was caused by same bacteria and remained for almost 5 years. This resulted in huge shortage of labor and it led to high rise in wages and hence raised living cost. This happened because high mortality rate resulted in shortage of supply as compare to demand of labor.

All these flus as compare to COVID-19 were short lived and technology at that time was not as much but now during era technology became advanced and research and development in medical field led many innovations in medical field. This can be great resource for US economy to fight with COVID-19 pendamic. Short term impact of this pendamic will be shortage of labor and depression in economy and long term impact will be genetical mutations that can affect population of country badly. And it could make opportunity for pharma companies for research and development and can result in great innovations in pharmaceutical industry.

Hence we concluded that in above way COVID-19 pendamic is compared with other pendamic that occured earlier.

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