scholarly journals The Pandemic Economic Crisis, Precautionary Behavior, and Mobility Constraints: An Application of the Dynamic Disequilibrium Model with Randomness

2020 ◽  
Author(s):  
Joseph Stiglitz
Keyword(s):  
Economic Crisis ◽  
Disequilibrium Model ◽  
Precautionary Behavior

scholarly journals The pandemic economic crisis, precautionary behavior, and mobility constraints: an application of the dynamic disequilibrium model with randomness

2020 ◽  
Author(s):  
Joseph E Stiglitz ◽  
Martin M Guzman
Keyword(s):  
Economic Impact ◽  
Economic Crisis ◽  
Credit Constraints ◽  
Government Expenditure ◽  
Disequilibrium Model ◽  
Equilibrium Behavior ◽  
The Future ◽  
Precautionary Behavior ◽  
Key Features ◽  
High Level

Abstract This article analyzes the economic impact of the pandemic, providing insights into the consequences of alternative policies. Our framework focuses on three key features: (i) COVID-19 is a sectoral shock of unknown depth and duration affecting some sectors and technologies more than others; (ii) there are constraints in shifting resources across sectors; and (iii) there is a high level of uncertainty about the disease and its economic aftermath, inducing a high level of precautionary behavior by some agents and leading to others facing more severe credit constraints. Because of macroeconomic externalities, precautionary behavior exacerbates the downturn, and even sectors where COVID-19 does not directly affect consumption or production may face unemployment. Multipliers associated with different government expenditure programs differ markedly. The article describes policies that can mitigate precautionary behavior, leading to reduced unemployment. Greater wage flexibility may lead to increased unemployment. The precautionary behavior is the antithesis of equilibrium behavior, suggesting that standard equilibrium approaches may not provide the appropriate framework for analyzing the pandemic: individuals know that they don’t know the future, that existing and newly made contracts and plans may be broken, and that they need to be able to respond to these unknowable contingencies. 

Mental representation of economic crisis in Italian and Swiss samples 1The authors would like to thank Maurizio Mistri for his help in the construction of items. This research was supported by a grant from the Italian Murst (ex 40%).

2001 ◽  
Vol 60 (1) ◽  
pp. 11-14 ◽  
Author(s):  
Lucia Savadori ◽  
Eraldo Nicotra ◽  
Rino Rumiati ◽  
Roberto Tamborini
Keyword(s):  
Economic Crisis ◽  
Mental Representation ◽  
Mental Representations ◽  
Social Contexts ◽  
Raw Material ◽  
National Context ◽  
Cluster Procedure ◽  
Total N ◽  
Two Samples ◽  
Important Symptom

The content and structure of mental representation of economic crises were studied and the flexibility of the structure in different social contexts was tested. Italian and Swiss samples (Total N = 98) were compared with respect to their judgments as to how a series of concrete examples of events representing abstract indicators were relevant symptoms of economic crisis. Mental representations were derived using a cluster procedure. Results showed that the relevance of the indicators varied as a function of national context. The growth of unemployment was judged to be by far the most important symptom of an economic crisis but the Swiss sample judged bankruptcies as more symptomatic than Italians who considered inflation, raw material prices and external accounts to be more relevant. A different clustering structure was found for the two samples: the locations of unemployment and gross domestic production indicators were the main differences in representations.

Rethinking everything: Acquiring and retaining talent amid an economic crisis

2010 ◽  
Author(s):  
Brad A. Chambers ◽  
Veronica S. Harvey ◽  
Len Dang Hui-Walowitz ◽  
Stacia J. Familo-Hopek ◽  
Daniel Fontaine ◽  
...  
Keyword(s):  
Economic Crisis

The impact of economic crisis on mental and physical health in Italy

2017 ◽  
Vol 14 (02) ◽  
pp. 103-110
Author(s):  
S. Tomassi ◽  
M. Ruggeri
Keyword(s):  
Mental Health ◽  
Physical Health ◽  
Economic Crisis ◽  
Social Determinants ◽  
Great Recession ◽  
Economic Recession ◽  
Behavioural Disorders ◽  
Economic Activities ◽  
The Impact ◽  
Mental And Physical Health

Summary Background: The global crisis that began in 2007 has been the most prolonged economic recession since 1929. It has caused worldwide tangible costs in terms of cuts in employment and income, which have been widely recognised also as major social determinants of mental health (1, 2). The so-called “Great Recession” has disproportionately affected the most vulnerable part of society of the whole Eurozone (3). Across Europe, an increase in suicides and deaths rates due to mental and behavioural disorders was reported among those who lost their jobs, houses and economic activities as a consequence of the crisis.

Die Europäische Union: eine neue Supermacht mit imperialen Ambitionen?

2005 ◽  
Vol 35 (139) ◽  
pp. 247-266 ◽  
Author(s):  
Hans-Jürgen Bieling
Keyword(s):  
World War Ii ◽  
Economic Crisis ◽  
Europäische Union ◽  
World War ◽  
Political Sovereignty ◽  
Military Conflicts ◽  
Imperial Power ◽  
International Role ◽  
Open Question ◽  
The Eu

Recent theoretical conceptions of imperialism may be useful correctives against idealising and harmonising views of international interdependency and co-operation. Analytically, however, they are not necessarily helpful. In terms of the EU, they do not really comprehend its particular international role. Despite improved financial and military capacities, the EU represents not yet an imperial power. Instead, it still pursues a rather hegemonic foreign policy approach due to internal economic restrictions, fragmented political sovereignty and the historical experiences of beneficial economic and political co-operation after World War II. Eventually, however, it remains an open question, whether the multilateralist, law-based and co-operative posture of the EU will prevail even under conditions of economic crisis and further military conflicts in the adjacent neighbourhood.

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