By Jon Miltimore Estimated costs of the coronavirus pandemic are in. The results are not pretty. A new study co-authored by Harvard economist David M. Cutler and former World Bank chief economist Lawrence H. Summers places the costs of the COVID-19 pandemic north of $16 trillion. “The estimated cumulative financial costs of the COVID-19 pandemic related to the lost … [Read more...] about New Study Pegs COVID-19 Crisis Costs at $16 Trillion—So Far
By Raymond C. Niles It is now estimated that half of all bars and restaurants in New York City will close forever, as a result of the loss of customers due to fears of Covid transmission, mandatory lockdowns, and the slow pace of reopening. Just a few days ago, the City finally permitted indoor dining, but in only ¼ of available restaurant space. This happens just as colder … [Read more...] about Goodbye Grounded, My Favorite Coffee Bar Destroyed by Lockdowns
By James D. Gwartney One thing is certain: life in America is not going to be the same after COVID-19. Like the Great Depression and World War II, the pandemic will exert an impact for years, perhaps even decades, on the nation’s economic and political fortunes. Some of the changes cannot be predicted. However, we can anticipate some long-term effects. Here are six areas … [Read more...] about The Economy After COVID-19
By Richard M. Ebeling Through most of the coronavirus crisis, those who have made the case for stay-at-home, reduce or stop work, and narrow the range of retail shopping to assure “social distancing” to reduce the spread of the virus have accused their critics of being more interested in preserving livelihoods than “saving lives.” But there is no preservation of any lives if … [Read more...] about There Will Be No Recovery Without Production
Supply chains collapse, companies are facing bankruptcy, and mass unemployment ensues. Covid-19 has triggered a global financial crisis and is forcing states to develop rescue packages on a scale not seen before. In addition, the crisis has called into question the US dollar's hegemony and could redefine the global monetary system. A team of researchers from the Institute for … [Read more...] about How is COVID-19 Affecting the Global Economic Order?