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Scarcity: When There Just Isn’t Enough

Understanding the Economy through the Pandemic

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Inflation: How the Pandemic is Changing the Price of Money

The price of money has not stayed the same since it was first invented. This might feel like common sense to you: of course the coins people used to use as currency don’t mean the same as a pound, euro, or dollar bill of today. However, the factors that have contributed to the changing price of money are often far more complicated than people might think. Inflation is a common explanation for changing monetary value thrown around in news headlines, on morning news reports, and in international finance columns across the world, but few people understand what exactly inflation means. Inflation is a big deal, and it’s literally changing the price and value of our money every minute.

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The Impact of COVID on the Health Care Economy

As the novel coronavirus first swept across the world in early 2020, very few people understood the impact this little-known disease would have. In just a few weeks, hospitals in major outbreak cities were buckling under the sudden influx of patients in dire need of medical assistance. Intensive care units reached capacity in record time, personal protective equipment or PPE was used, reused, and reused again until it literally fell apart in some cases, and health care workers everywhere worked around the clock in a desperate race against time to save patients and fight back the coronavirus. The demand for medical care was great, but the supply of resources and workers to provide it was not nearly big enough. Supply and demand are key to understanding the impact of the coronavirus on the health care economy, but they’re also key economic concepts. Understanding the economic foundations of supply and demand helps to explain the impact of COVID on hospitals around the world.

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