Social distancing measures propagated by health experts and belatedly by governments worldwide as a means of health risk minimizer, are yet to unfold their full impact on health risk management caused by the COVID-19. Nevertheless, social distancing poses a high risk to the economic and social life of affected communities globally. Fears of a global economic slowdown have dominated discussions amongst the public, experts of different disciplines, politicians, entrepreneurs, and others.
How are Governments courageously dealing with the Coronavirus-Pandemic and the Corona-Crisis? Worldwide politicians are reacting very differently. Reactions to the pandemic have now become a war between optimism and pessimism. While some politicians realize how serious the current health crisis will be, others are busy procrastinating about an optimistic future. Early birds catch the worm and can navigate through the health crisis, taking leadership on flattening the pandemic spread of the Coronavirus.
The Coronavirus has caused the Corona-Pandemic disease COVID-19 ravaging human health around the globe. But are we at the edge? Will health scientists find solutions to this pandemic? How can the Coronavirus Pandemic contribute to innovation? Will medical researchers discover the healing vaccine to combat the coronavirus? Behavioral solutions have already been put in placeContinue reading “Health Economics and the Coronavirus: How do Pandemics contribute to Innovation?”
Health shocks can also cause economic shocks (ceteris-paribus). The coronavirus pandemic is one of the health shocks that might unravel another global economic shock. Why is that the case? Fact number one, health is a basic human need. Consequently, the satisfaction the health needs requires human decision-making in all economies. Decision-makers face the challenge of managing the synergies between health and economics amid a health shock. How is the Scenario?
Monday 09.03.2020, will historically be remembered as the Global Corona Crash, a global health shock, that hit almost all economies worldwide. What will be the global macroeconomic and microeconomic impact of the Corona Pandemic? The financial markets reacted to the global coronavirus pandemic with a negative trend this Monday, as the Worldwide COVID-19 (Coronavirus) cases reached a new record of aboveContinue reading “Corona-Crash 2020 and the impact on the global economy”
What is economics? Economics is an interdisciplinary, social, and behavioral science. Economic research focuses on explaining the behavior of decision-makers and the implications of behavior for society at the microeconomic, macroeconomic, and political levels. Decision-makers in economics are private households, firms, and governments. Microeconomic level At the microeconomic level, economics explains the human nature of making both individual rational and irrational decisions, social interactions, and behavior underContinue reading “What is economics?”