Initial Post (Not to exceed 750 words)
The post should begin with a title that describes what the post is discussing, and contain internal headings that highlight when the post transitions from discussing one question to the next. Be sure to cite the sources of your key points.
Summarize the factors that each of these 3 schools of economic theory (Keynesians, Monetarists, and Austrians) believe cause economic cycles. Take no more than 2 sentences for each school of thought.
Summarize in one paragraph what the assigned readings suggest makes the COVID-19 economic downturn so different from other cycles/crises, particularly the Great Financial Crisis (GFC) of 2008-09. Focus on the causes of this recent crisis compared to the usual causes.
Divide your list of 11 worst-hurt industries during the GFC (2007-09) into durable goods, non-durable goods, and services. Discuss the composition of your list and whether it is consistent with the types of industries that are hurt worse in typical cyclical downturns.
Divide your list of the 11 worst-hurt industries during the COVID-19 crisis (2019-20) into durable goods, non-durable goods, and services. Explain why this composition is so different from those hurt during the GFC and most typical recessions.
Post a table of 11 worst hurt industries in each of these previous 2 crises (GFC and COVID) and your calculations of the % change in sales of these industries to support your answers. Highlight any industries that are on both lists.
Assigned Readings: https://www.census.gov/library/stories/2021/06/not-all-industries-experienced-declines-during-pandemic.html
https://mailchi.mp/statista.com/zzjf7o68ap-1112630?e=be2b8ee3db