https://www.axios.com/economic-cost-closed-schools-e2c7a948-e89f-4431-9f1e-a900a422749c.html
Schools closing due to corona virus are affecting more than just our nation's education. It’s affecting our economy as well. It is estimated that learning virtually instead of in a classroom is costing us 700 billion dollars in lost revenue and productivity. This is due to childcare difficulties now that children are no longer attending school. These difficulties are forcing working parents - which are estimated to be one third of America's workforce - to take time off and watch their children. It is estimated by Barron's Analyst that we are losing 3.5% GDP from school closures. Obviously, this is heavily affecting our economy right now, but how much will it affect our economy in the long run? This makes me wonder how long it will take for us to see the total long term effect school closings have on our economy.
Students going virtual may have a long term impacts when it comes to working and learning online. Now that people have experience learning online, they may be more inclined to keep doing it this way when we are done with the corona. We may be on the brink of a virtual communication revolution when it comes to online learning. The sudden ubiquitous use of Zoom and other video chat services injected these companies with millions of dollars that they can now use to make their services and infrastructure better. The better these services get, the more attractive they will be to consumers.
ReplyDeleteSchool closing due to corona virus might have caused a huge impact on our nation's education as well as our economy. However, as Mayson suggested, this is causing a huge impact on the online world. Usage of online tools such as Zoom or Google Classrooms has caused the world to think about education in a different way. Which means that at some point in this era, there will come a time when most things become ONLY online oriented. Companies like Facebook have already started procedures as to how they will go about making their workers, work from home. This means, that whatever involves online work, those workers will not have to come to offices which means many companies will stop making new offices for their employees and let them work from home. This also means that those same companies would now not need expenditure towards offices and buildings. This also means that those companies would be able to invest more in other aspects of their business and other industries allowing them to grow more which in turn would result in a higher GDP.
ReplyDeleteMany students are choosing not to attend college during the pandemic. What do you think the financial strain on universities will be? And how do you think they will recover?
ReplyDeleteIn the long run, I think universities that were already struggling like smaller populated ones, will struggle the most especially if schools start to close down again. These schools can't afford to send refunds and then have a lower enrollment rate. This will cause more of a gap because the bigger, wealthier universities will not suffer as much because they are more well known and be able to afford more students. I think it is interesting how schools closing down have caused such a domino effect on so many other factors that don't have to do with students.
ReplyDeleteI actually don't think that education being completely virtual has arrived, at least not yet. Yes the pandemic forced students to be online but at the same time there are students that prefer the traditional method of learning (in-person). And if both schooling and working are done completely online, how will that affect the home life? You'll have both kids and parents all at home where distractions are prevalent because there is no traditional penalty if one is distracted from what they are suppose to do. So in the short run, online classes/work meeting is considered an attractive alternative due to the pandemic but I think in the long run, universities will revert back to a traditional model if not a hybrid model like most universities are doing now. It may not a quick reverse of online to traditional.
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