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The Human-Capital Costs of the Crisis

27 24 12
10.04.2020

BERKELEY – US President Donald Trump tells us that once COVID-19 is contained and it is safe to go back to work, the economy will be “great again.” Is he right?

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    There is at least one reason to think he is. After all, unlike a hurricane or earthquake, the pandemic has caused no damage to the physical capital stock. It follows, Trump and his advisers argue, that we can pick up where we left off. The economy took a time-out, but now output will rebound swiftly to pre-crisis levels and growth will proceed as before.

    We are even told that........

    © Project Syndicate