As people and economies around the world reel from the impact of the novel coronavirus (COVID-19), one thing is clear: facts are at a premium. The value of trusted data has never been more in evidence than in the months since the onset of COVID-19 in China at the end of 2019, and its rapid spread around the world.
I have been struck time and time again by how much my colleagues want to contribute to finding solutions to the COVID-19 crisis. Yet, we are not qualified to develop a vaccine or to treat those who are suffering. However, economists at the University of Chicago, with their grounding in rigorous research and commitment to public policy, are uniquely positioned to offer insights into the ongoing economic challenges occasioned by this historic health crisis.
So, we decided that what BFI could contribute is a set of facts about COVID-19 that we believe can help people better understand its consequences and potential policy responses. Specifically, we aim to deliver key economic insights that are often missing from policy discussions. The economic implications of COVID-19 are significant and varied, and we address a range of questions: What is the economic benefit of social distancing? What would the impacts of universal testing for COVID-19 be for mortality rates and economic outcomes? Which sectors will be hardest hit? What do the latest stock market gyrations tell us about the expectations for growth? What can China teach us about the economic implications of widescale lockdowns? The answers to these and other important questions are addressed in the following selected facts.
This is a dynamic effort. And in this signal social and economic period, BFI will continue to develop, update, and communicate facts as part of our contribution to minimizing COVID-19’s harm to people and society.
Please visit this page regularly for updates.
Michael Greenstone
Director of the Becker Friedman Institute for Economics
Milton Friedman Distinguished Service Professor of Economics