The Economics of a Global Emergency

Everybody, in one way or another, is being impacted by the coronavirus pandemic. From our health to our social lives, so much has changed so quickly. However, the crisis is hitting some Americans harder than others. Estimates are that America's unemployment rate is currently in the teens (and potentially headed higher), and there has been a record number of unemployment benefit claims during the past month. According to David Autor, Ford Professor of Economics at MIT and co-chair of the MIT Work of the Future Task Force, what’s happening will be “transformative” for the country’s economy in the long run — both positively and negatively.