Question
The occurrence of the pandemic is a global concern because of its effect on economic growth. There exists an inverse relationship between the two variables.
The occurrence of the pandemic is a global concern because of its effect on economic growth. There exists an inverse relationship between the two variables. A pandemic is economically interpreted as a shock to the system that disrupts economic growth.
- Achieving economic growth in the face of a pandemic is impossible since the two variables are inversely related.(Coccia, 2021).
- Current research on the topic above and related reveals how the pattern and expectations of economic development changed with the COVID pandemic that stuck global economies in 2021(Smiianov, 2020).
Explanation:
- A pandemic is a destructive disturbance that brings down the health stock of producers and economic agents to an indefinite pause. Economic growth refers to the progressive increment in production that leads to income generation for positive change in the economy's structure and face. Economic growth is determined by several factors; some are constant, some recurring, and some are uncertainties. A pandemic falls under uncertainties since its time and extent of disruption cannot be forecasted. It is impossible to achieve economic growth while facing a pandemic. Both economic growth and control of pandemics will compete for resources. A pandemic is a health status that affects the human capital that is needed for consistent and mass production. The ministry of health, in collaboration with the national and federal governments, takes it as a collective responsibility to control the spread. A pandemic occurrence is a risk factor that threatens the sustainability of the entire economy if not controlled. So to proceed with economic growth, state intervention that will stop the spread or control the pandemic is needed, but it can't happen simultaneously.
- The economy's performance was clearly visible in the next financial year, 2021, when the world faced a pandemic of the coronavirus. There occurred a drastic change in the progress of most economies, as the states still struggled to come up with the most feasible strategy of controlling it. Economies recorded a surge in production in several sectors, and this was reflected in changes in consumption and production patterns in the 2021 analysis. A specific example case is the U.S. economy, which faced an economic downturn due to the COVID pandemic and the fluctuation of oil prices and the market in general(Sharif, 2020).
Based on this
The two states you will consider for both this work are Pennsylvania and Ohio.
This involves two elements.
1. Discuss in general the things that might affect infection rates in addition to state restrictive/non-restrictive policies among states. Outside sources with citation needed.
2. Consider your Element 1 discussion. Describe the steps you might take to satisfy the "all else constant" requirements of your analysis for Pennsylvania and Ohio. These include things that might be similar in the two states and therefore are constant. These need to be listed with reference to the sources you use. In addition, list factors that you have to ASSUME are constant, that you will need caveats for in your analysis.
Please delineate your sections with subheadings. citation is required
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