IDEAS home Printed from https://ideas.repec.org/a/rnd/arjebs/v12y2020i4p43-58.html
   My bibliography  Save this article

COVID-19 Outbreak and Behavioral Maladjustments: A Shift from a Highly Globalized World to a Strange World of Unique Isolationism

Author

Listed:
  • Matthew Abiodun Dada

Abstract

The outbreak popularly called COVID-19 which sneaked into the world system generally believed to have originated from China in the city of Wuhan towards the last quarter of the year 2019 in a manner yet to be unfold by the world powers has been judged to be a great threat to human activities and coexistence. The World Health Organization declared COVID-19 as a global pandemic between February and March, year 2020 and since then it has been a strange world. This paper examined the socio-economic changes and behavioral maladjustments resulting from this deadly disease. The demand and supply shocks as well as the use of fiscal stimulus from different countries and how some key variables respond are well analyzed and structured. The paper underlying some of the damages done to the socio-economic lives of people across the globe and highlight some recovery strategies and future prospects. It recommends spirituality as a winning strategy against carnality. The conclusion was drawn by emphasizing the supremacy of God in the fact that a microbe of invisible property could hastily change our world of global village to a strange world of isolated cities

Suggested Citation

  • Matthew Abiodun Dada, 2020. "COVID-19 Outbreak and Behavioral Maladjustments: A Shift from a Highly Globalized World to a Strange World of Unique Isolationism," Journal of Economics and Behavioral Studies, AMH International, vol. 12(4), pages 43-58.
  • Handle: RePEc:rnd:arjebs:v:12:y:2020:i:4:p:43-58
    DOI: 10.22610/jebs.v12i4(J).3081
    as

    Download full text from publisher

    File URL: https://ojs.amhinternational.com/index.php/jebs/article/view/3081/1955
    Download Restriction: no

    File URL: https://ojs.amhinternational.com/index.php/jebs/article/view/3081
    Download Restriction: no

    File URL: https://libkey.io/10.22610/jebs.v12i4(J).3081?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Francesco Bianchi & Renato Faccini & Leonardo Melosi, 2020. "Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength," Working Paper Series WP 2020-13, Federal Reserve Bank of Chicago.
    2. Stephen G Cecchetti & Joseph E Stiglitz & William C Dudley & Masaaki Shirakawa & Nout Wellink, 2010. "Financial system and macroeconomic resilience: revisited," BIS Papers, Bank for International Settlements, number 53.
    3. Martin S Eichenbaum & Sergio Rebelo & Mathias Trabandt, 2021. "The Macroeconomics of Epidemics [Economic activity and the spread of viral diseases: Evidence from high frequency data]," Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5149-5187.
    4. Krishna Dasaratha, 2020. "Virus Dynamics with Behavioral Responses," Papers 2004.14533, arXiv.org, revised Sep 2023.
    5. Jim Glassman, 2001. "Economic Crisis in Asia: The Case of Thailand," Economic Geography, Taylor & Francis Journals, vol. 77(2), pages 122-147, April.
    6. David Berger & Kyle Herkenhoff & Chengdai Huang & Simon Mongey, 2022. "Testing and Reopening in an SEIR Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 1-21, January.
    7. Jeffrey D. Sachs, 1989. "Developing Country Debt and the World Economy," NBER Books, National Bureau of Economic Research, Inc, number sach89-3, January.
    8. Bagliano, Fabio C. & Morana, Claudio, 2012. "The Great Recession: US dynamics and spillovers to the world economy," Journal of Banking & Finance, Elsevier, vol. 36(1), pages 1-13.
    9. Raffaele Lagravinese, 2015. "Economic crisis and rising gaps North–South: evidence from the Italian regions," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 8(2), pages 331-342.
    10. Andrew Atkeson & Karen Kopecky & Tao Zha, 2020. "Estimating and Forecasting Disease Scenarios for COVID-19 with an SIR Model," NBER Working Papers 27335, National Bureau of Economic Research, Inc.
    11. Ozili, Peterson & Arun, Thankom, 2020. "Spillover of COVID-19: Impact on the Global Economy," MPRA Paper 99317, University Library of Munich, Germany.
    12. Aisen, Ari & Veiga, Francisco José, 2013. "How does political instability affect economic growth?," European Journal of Political Economy, Elsevier, vol. 29(C), pages 151-167.
    13. Quaas, Georg, 2020. "The reproduction number in the classical epidemiological model," Working Papers 167, University of Leipzig, Faculty of Economics and Management Science.
    14. David Berger & Kyle Herkenhoff & Chengdai Huang & Simon Mongey, 2022. "Testing and Reopening in an SEIR Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 1-21, January.
    15. Seppo Honkapohja & Erkki Koskela, 1999. "The economic crisis of the 1990s in Finland," Economic Policy, CEPR;CES;MSH, vol. 14(29), pages 400-436.
    16. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    17. Jeffrey D. Sachs, 1989. "Introduction to "Developing Country Debt and the World Economy"," NBER Chapters, in: Developing Country Debt and the World Economy, pages 1-34, National Bureau of Economic Research, Inc.
    18. Davillas, Apostolos & M. Jones, Andrew, 2020. "The COVID-19 pandemic and its impact on inequality of opportunity in psychological distress in the UK," ISER Working Paper Series 2020-07, Institute for Social and Economic Research.
    19. Magazzino, Cosimo, 2010. "Public expenditure and revenue in Italy, 1862-1993," MPRA Paper 27308, University Library of Munich, Germany.
    20. William R White & Donald L Kohn & Armínio Fraga & John Gieve & Yi Gang & Stanley Fischer, 2008. "Financial system and macroeconomic resilience," BIS Papers, Bank for International Settlements, number 41.
    21. Pinka Chatterji & Yue Li, 2020. "Effects of the COVID-19 Pandemic on Outpatient Providers in the US," NBER Working Papers 27173, National Bureau of Economic Research, Inc.
    22. George PETRAKOS, 2014. "Economic Crisis In Greece. European And Domestic Market And Policy Failures," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 39, pages 9-33.
    23. Elias Giannakis & Adriana Bruggeman, 2017. "Economic crisis and regional resilience: Evidence from Greece," Papers in Regional Science, Wiley Blackwell, vol. 96(3), pages 451-476, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    2. Gopal K. Basak & Chandramauli Chakraborty & Pranab Kumar Das, 2021. "Optimal Lockdown Strategy in a Pandemic: An Exploratory Analysis for Covid-19," Papers 2109.02512, arXiv.org.
    3. André, Keven R.A. & Arbex, Marcelo & Corrêa, Márcio V., 2023. "The economic implications of a network SIR-Macro model of epidemics," Economics Letters, Elsevier, vol. 225(C).
    4. Hilde C. Bjørnland & Malin C. Jensen & Leif Anders Thorsrud, 2023. "Business Cycle and Health Dynamics during the COVID-19 Pandemic. A Scandinavian Perspective," Working Papers No 15/2023, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    5. Umut Akovali & Kamil Yilmaz, 2020. "Polarized Politics of Pandemic Response and the Covid-19 Connectedness Across the U.S. States," Koç University-TUSIAD Economic Research Forum Working Papers 2019, Koc University-TUSIAD Economic Research Forum.
    6. Gopal K. Basak & Chandramauli Chakraborty & Pranab Kumar Das, 2024. "In search of an optimal public policy in a pandemic: The question of lives versus of livelihood," Journal of Economic Analysis, Anser Press, vol. 3(4), pages 23-48, December.
    7. Jacek Rothert & Ryan Brady & Michael Insler, 2020. "Local containment policies and country-wide spread of Covid-19 in the United States: an epidemiological analysis," GRAPE Working Papers 48, GRAPE Group for Research in Applied Economics.
    8. Ines Abdelkafi & Sahar Loukil & YossraBen Romdhane, 2023. "Economic Uncertainty During COVID-19 Pandemic in Latin America and Asia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1582-1601, June.
    9. Famiglietti, Matthew & Leibovici, Fernando, 2022. "The impact of health and economic policies on the spread of COVID-19 and economic activity," European Economic Review, Elsevier, vol. 144(C).
    10. Hilde C. Bjørnland & Malin C. Jensen & Leif Anders Thorsrud, 2024. "Business Cycle and Health Dynamics during the COVID-19 Pandemic: A Scandinavian Perspective," CAMA Working Papers 2024-19, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    11. Jacek Rothert & Ryan Brady & Michael Insler, 2020. "The Fragmented United States of America: The impact of scattered lock-down policies on country-wide infections," Departmental Working Papers 65, United States Naval Academy Department of Economics.
    12. Brodeur, Abel & Clark, Andrew E. & Fleche, Sarah & Powdthavee, Nattavudh, 2021. "COVID-19, lockdowns and well-being: Evidence from Google Trends," Journal of Public Economics, Elsevier, vol. 193(C).
    13. Charles A.E. Goodhart & Dimitrios P. Tsomocos & Xuan Wang, 2023. "Support for small businesses amid COVID‐19," Economica, London School of Economics and Political Science, vol. 90(358), pages 612-652, April.
    14. David Baqaee & Emmanuel Farhi, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," NBER Working Papers 27281, National Bureau of Economic Research, Inc.
    15. Graham, James & Ozbilgin, Murat, 2021. "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    16. Louis-Philippe Beland & Abel Brodeur & Taylor Wright, 2020. "COVID-19, Stay-at-Home Orders and Employment: Evidence from CPS Data," Carleton Economic Papers 20-04, Carleton University, Department of Economics, revised 19 May 2020.
    17. Houštecká, Anna & Koh, Dongya & Santaeulàlia-Llopis, Raül, 2021. "Contagion at work: Occupations, industries and human contact," Journal of Public Economics, Elsevier, vol. 200(C).
    18. Xiao Chen & Hanwei Huang & Jiandong Ju & Ruoyan Sun & Jialiang Zhang, 2022. "Endogenous cross-region human mobility and pandemics," CEP Discussion Papers dp1860, Centre for Economic Performance, LSE.
    19. Shami, Labib & Lazebnik, Teddy, 2022. "Economic aspects of the detection of new strains in a multi-strain epidemiological–mathematical model," Chaos, Solitons & Fractals, Elsevier, vol. 165(P2).
    20. Hortaçsu, Ali & Liu, Jiarui & Schwieg, Timothy, 2021. "Estimating the fraction of unreported infections in epidemics with a known epicenter: An application to COVID-19," Journal of Econometrics, Elsevier, vol. 220(1), pages 106-129.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rnd:arjebs:v:12:y:2020:i:4:p:43-58. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Muhammad Tayyab (email available below). General contact details of provider: https://ojs.amhinternational.com/index.php/jebs .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.