Every week more nations get COVID-19 under control, slowing its growth rate. After COVID-19 comes the hit to the world economies. Will it be a deep or shallow decline? Of long or short duration? Will we handle it well or poorly?
Most hope that the jobs lost will be replaced by new jobs, just as unemployed farmers got jobs in factories and unemployed factory workers got jobs in services. These hopes are right – and wrong. Here is why.