Consider the Coronavirus Pandemic: During the pandemic, a large number of busine
Consider the Coronavirus Pandemic: During the pandemic, a large number of businesses closed, unemployment claims rose to an all-time high, the US stock markets tumbled in a manner not seen since the great depression, with all this happening just a few months after we had seen the economy achieve a series of all-time low unemployment records for different groups along with all-time high stock market averages.
By now, the economy has largely recovered from these things, and yet we are still experiencing some of the aftereffects of this crisis.
Nassim Taleb used the term Black Swan EventLinks to an external site. to describe unexpected events that fundamentally change our outlook and how we proceed after that event. The coronavirus pandemic is definitely such an event. While the economy has largely recovered, we have seen both structural and operational changes in industries, in businesses, and in jobs. For example, we are seeing ever greater increase in the use of robotics and automation that might help keep plants open during future events. We have also seen an acceleration in certain online trends based on labor issues and remote work, etc. In addition, businesses such as those in the Auto Industry, that were affected by supply chain issues are now trying to reduce the likelihood of similar problems in the future, by restructuring their supply chain processes, etc.
All of these things have an effect on business investment, capital/labor ratios, the nature of work, and on available jobs, etc. Clearly, some industries were better placed to deal with these kinds of issues than others, but all have been affected in some ways.
With all these things in mind, your assignment is to select an industry that is of interest to you, and then write an essay on the various changes that the pandemic brought for that industry, its firms, the standard operating procedures of those firms and for the availability and the nature of jobs in that industry.
