The recent Coronavirus has impacted our economy tremendously. can someone explain these topics to me regarding the...

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Economics

Therecent Coronavirus has impacted our economy tremendously. cansomeone explain these topics to me regarding the coronavirus?

Externalities

a. explain the various externalities associated with socialdistancing (or violating social distancing rules)

b. discuss how social distancing might create externalitiesfor the economy

c. draw a diagram showing an analysis of one of theseexternalities

thanks!

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4.4 Ratings (647 Votes)

aThe rapid spread of COVID19 hasleft pandemicstricken countries with very little choice but toshut down their economies The almost universal attempt to flattenthe curve and maintain hospital viability has been to enforcelockdowns and rigid forms of social distancing keep home is themantra advocated by governments from Wuhan to Milan from Madridto New York to break the chain of contagionIn manycountries campaigns to convince citizens to comply with socialdistancing have been put in place and popular actors religiousleaders even football players have been mobilised to spread themessage and raise awareness throughout the population The goal isto persuade people to internalise the externality they would imposeon the community by not reducing their mobility Indeed given thelimited capacity of the state to enforce lockdowns on a largescale See Answer

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