Question
Q2 - Modules L5 and L6 . Unemployment and the WS/PS model in a post-COVID-19 world COVID-19 pandemic had led to a fall in global
Q2 - Modules L5 and L6. Unemployment and the WS/PS model in a post-COVID-19 world
COVID-19 pandemic had led to a fall in global production resulting in people losing jobs and a rising unemployment in 2020. However, as shown in the articles below,the coronavirus pandemic also stimulated innovation and productivity for workers and businesses, e.g. see:
How Innovation Is Driving Productivity During And Beyond The COVID-19 Pandemic
Have we just stumbled on the biggest productivity increase of the century?
Based on the argument given above, use the WS/PS model to illustrate and explain in some detail what would happen to an economy's equilibrium unemployment in a post-COVID-19 world.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started