Much of the immediate economic impact of a pandemic can be traced to the efforts to contain it, rather than from the effects of the disease itself. As we attempt to quarantine those who might spread the disease, we shut down a lot of economic activity.
The quarantines might be the only way to slow the spread of COVID-19, but they could also hamper our response. Our health-care system also relies on vital inputs for medicines, supplies and equipment produced all over the world, including China and other hard-hit Asian economies. And of course we rely on the free flow of thousands of other goods and services.
The potential for disaster is sobering. The economies of the world are extraordinarily resilient, yet extraordinarily dependent upon each other in a crisis. Sadly, the things we need most to get us through this — wise leadership, global cooperation and clear thinking — are harder to find than a surgical mask.
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