ON THE CORONOMIC CRISIS
Abstract
The paper analyzes the problem of the economic consequences of the COVID-19 pandemic. The creation of a new term, “Coronomics,” is commendable in order to focus on the problem of the impact of the 4 spread of the coronavirus on the economy. It is necessary to realize that the world is not facing a classical type but, rather, a qualitatively new global economic crisis. Its causes are not endogenous but instead exogenous; that is, these causes are not generated within the economy but are provoked by the rapid spread of a source outside of the economy – the coronavirus. Given this factor, in contrast to the classical economic crisis, both separate countries and the whole world are at risk of, according to the new term, a “Coronomic crisis."
References
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