there's a new narrative emerging that life will
never return to normal after the coronavirus pandemic:
I don't think people realize that there is no normal to go back to anymore.
At absolute minimum:
1) Supply & demand has been reallocated across the economy, with travel & events zero'd out, remote work & masks to infinity
2) Virus permanently changes public behavior
3) Supply chain disruption just starting
Even if the virus did vanish in a puff of smoke and everyone went "back to work", the behavior of billions of people and every country has been permanently changed.
Demand won't quickly come back, borders won't easily reopen, international relations won't be the same.
https://twitter.com/balajis/status/1246151098986983424what do you think---are entire industries about to disappear because of the pandemic? will some aspects of the economy and general life irreversibly change after this?
or are these people just drama queens who are blowing everything out of proportion? maybe people will forget all about the coronavirus in a couple years time and nothing will change. that's what happened after the H1N1 scare.
The “depression” is actually the process by which the economy adjusts to the wastes and errors of the boom, and reestablishes efficient service of consumer desires. The adjustment process consists in rapid liquidation of the wasteful investments. The depression is the process by which the economy returns to the efficient service of consumers. In short, and this is a highly important point to grasp, the depression is the
“recovery” process, and the end of the depression heralds the
return to normal, and to optimum efficiency. The depression, then, far from being an evil scourge, is the necessary and beneficial return of the economy to normal after the distortions imposed by the boom. The boom, then, requires a “bust.”