Economic Systems During the Pandemic - Special Academic Support

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Governments and organizations use economic systems to organize the production, distribution, and consumption of goods and services across geographical boundaries. A better understanding of the economic processes helps understand how business adapts to external and internal influences. Pichler and Farmer (2022) analyze the effects of numerous factors that impact economic systems. I selected this journal article because its authors best illustrated the impact of pandemics on supply and demand. Pichler and Farmers (2022) article has extensively studied the COVID-19 pandemic and how it can affect the production and distribution of goods and services. As a counterpoint to the conclusions of Pichler and Farmers (2022) research, the terrible economic effects of the COVID-19 pandemic could be averted with proper preparation and planning (LoGiudice et al., 2020). Employees were severely affected by the COVID-19 outbreak and its subsequent economic repercussions.

Natural catastrophes and pandemics negatively influence the supply and demand in an economy. I discovered that government-mandated national lockdowns restrict COVID-19 propagation and negatively affect the economy. Employees from many industries were unable to work during the shutdown. I discovered that imposing input constraints negatively influences economic outcomes, making the budgeting assumption critical in anticipating severe economic outcomes. To analyze the economic implications of the COVID-19 outbreak, the authors produced many macroeconomic models that consider the industrial networks features. I discovered that the number of baseline disturbances and network density considerably influenced model predictions.

Because economic impacts are embedded in industrial networks, the initial supply and demand disruptions may underestimate the full severity of the economic effect. When demand declined, I noted that the sales of firms and suppliers plummeted. I realized that consumer input constraints are developed due to providers limited manufacturing capabilities and that downstream impacts would occur. Firms will have less demand for inputs for production due to lower productive capacity, which will impact upstream suppliers of these inputs.

References

LoGiudice, S. H., Liebhaber, A., & Schöder, H. (2020). Overcoming the COVID-19 crisis and planning for the future. Journal of Nuclear Medicine, 61(8), 1096-1101. Web.

Pichler, A., & Farmer, J. D. (2022). Simultaneous supply and demand constraints in inputoutput networks: The case of COVID-19 in Germany, Italy, and Spain. Economic Systems Research, 34(3), 273-293. Web.

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