Pandemic: practical reactions and theoretical questions
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Abstract
Already before the pandemic, the world has been facing many challenges. COVID-19 made the situation more complicated, deepening the structural economic
crisis. The blocking of economic activities, justified by medical reasons, results in an economic recession and an accompanying increase in unemployment, as well as loosening
of monetary policy and the need for additional public expenditure. A part of this spending is necessary for social reasons and to save and support the business; a part is being
swindled and misdirected or wasted. Budget deficits and public debt are increasing on a massive scale, which leads to moving away from austerity measures. Unusual perturbations,
both in the real economy and in finance, pose new questions which orthodox economic thought often fails to answer. When the pandemic is over, not only will the
economic policy search for ways to return to growth, but also the theory will formulate new thoughts.
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