why-the-economic-value-of-a-face-mask-is-5614
In the first six month of the year, rich world GDP has fallen by about 10%. In more recent months, face coverings have been largely recommended and enforced by law. Economists around the world are wondering if face coverings could help speed up recovery. The basic idea is that if more people wear face coverings, more people will be able to leave their residence, and utilize public transportation and entertainment. Calculations by Goldman Sachs suggest that a 15% rise in mask wearers will reduce the daily growth of cases by 1%. That eliminated the need for lockdown measures that would shrink the GDP by 5%. The Economist continued these calculations until finding that a single American wearing a mask could save the GDP by $56.14. These numbers suggest that governments should do more to increase the number of mask wearers throughout the world.
so wearing a mask will not only slowly the spread but help the economy in turn. That is great but do you believe that each american could save 56.14 by wearing a mask, do you think the number is accurate?
ReplyDeleteI think that if people wear a mask they could possibly help the GDP grow like Mayson said in the comment below.
DeleteWearing a mask will also be helpful for the individual when it comes to healthcare. If someone gets sick, they will either have to pay a co-pay, or if they do not have insurance, they have to pay for all of the treatment out of pocket. If they wear a mask, they are less likely to get sick, and will not have to put the money they do have into healthcare. Their money can go to other industries that are hurting, like food service.
ReplyDeleteYes, that is a good point. People will have more spendable income and be able to increase the GDP in that way.
DeleteI agree with Mayson in that as the masks are used mostly as a preventative health measure, it can also influence our GDP because of healthcare. Also, even though masks aren't seen as "the cure" for Covid, they are seen as helpful. So, people are more likely to be comfortable doing things and spending more money recreationally.
ReplyDeleteI really like your analysis. Not only can wearing your mask help others by not spreading the virus, but it can also help boost the economy at this moment in time. The only problem with this is enforcing it to the entire population.
ReplyDelete