Supply and demand shocks in COVID-19 – an industry and occupation perspective
The COVID-19 pandemic is having an unprecedented impact on societies around the world.
Question: which industries will suffer most from demand-side or supply-side shocks resulting from the pandemic? Which workers are most at risk of unemployment or reduced wage income? Who will be the winners and losers?
Professor Doyne Farmer and Maria del Rio-Chanona talk their recent paper. It estimates the shocks would threaten around 22% of the US economy’s GDP. This likely to jeopardise 24% of jobs and reduce total wage income by 17%. Potential impacts are a multiple of what was experienced during the global financial crisis, and perhaps comparable to the Great Depression.
This talk is in conjunction with The Smith School of Enterprise and the Environment at the University of Oxford and the Oxford Review of Economic Policy.
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