snower4_Matthew HorwoodGetty Images_ukfooddeliverycoronavirus Matthew Horwood/Getty Images

The Real Economic Fallout of COVID-19

Regardless of how long the current pandemic lasts, the existing organization of economic activities needs to change fundamentally. In particular, governments must support the shift in employment from physically interactive to physically disjointed activities.

BERLIN – Governments around the world are pursuing extremely expansive monetary and fiscal policies to combat the economic fallout from the COVID-19 pandemic. But such largesse is appropriate for an old-style depression, not for this public-health crisis.