Q2 - Modules L5 and L6 . Unemployment the WS/PS model in a Post-COVID-19 world Pandemic containment
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Q2 - Modules L5 and L6.Unemployment the WS/PS model in a Post-COVID-19 world
Pandemic containment policies have cut global production which has led to rising unemployment in 2020. However, somepredict that the coronavirus pandemic might stimulate innovation and help workers become more productive, e.g. see:
How Innovation Is Driving Productivity During And Beyond The COVID-19 Pandemic (Link)
Have we just stumbled on the biggest productivity increase of the century? (Link)
In this context, use the WS/PS model to illustrate and explain in some detail what happens to an economy's equilibrium unemployment in a post-COVID-19 world.
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