Spanish flu and it's impact on European economy describe it in 1000 word
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Answer:
The pandemic, which started in September 1918 and lasted until December 1918, led to negative retail sales growth of about -2 per cent in November and -6 per cent in December. However, after the pandemic in January 1919, retail sales growth jumped to 8 per cent.
We study the impact of the 1918 influenza pandemic on short- and medium-term economic performance in Sweden. The pandemic was one of the severest and deadliest pandemics in human history, but it has hitherto received only scant attention in the economic literature – despite representing an unparalleled labour supply shock. In this paper, we exploit seemingly exogenous variation in incidence rates between Swedish regions to estimate the impact of the pandemic. The pandemic led to a significant increase in poorhouse rates. There is also evidence that capital returns were negatively affected by the pandemic. However, contrary to predictions, we find no discernible effect on earnings.
n 1918 the world is hit by the Spanish flu. Estimates suggest that 500 million individuals worldwide were infected by the virus, and that 50–100 million people died in the aftermath of an infection between 1918 and 1920 (Johnson and Mueller, 2002). Unlike when customary strains of influenza circulate the world, the majority of the victims of the Spanish flu were healthy young people in the age interval 15–40 – not frail patients, nor children or elderly.
While much has been written about the medical causes of the Spanish flu, the origins of the virus and its connection to more recent pandemics, such as the 2006 bird flu (see e.g. Tumpey et al., 2005, Bos et al., 2011), limited attention has been given to the societal and economic effects of the epidemic.1 What are the economic consequences following from such a health shock affecting mainly the population of working age within a very short time window?
Studying the effects of the Spanish flu can give insights into the effects that future pandemics may have on economic outcomes and be helpful in establishing appropriate policy responses. The influenza appeared during a very short time, which facilitates the identification of the economic effects and serves as a useful test of the effects of a health shock on economic outcomes. Thus, given the heightened awareness of economic issues associated with pandemics (see e.g. Bell and Gersbach, 2009), it seems timely and relevant to acquire knowledge of consequences of an event such as the Spanish flu.
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Explanation:
More recent studies released since COVID-19 have found evidence of large and statistically significant effects of the Spanish flu on economic activity. For example, Barro et al (2020) found that the Spanish flu reduced real GDP per capita by around 6 per cent in the typical country over the period 1918–21.
the Spanish flu on the labour market and GDP in Australia. It does this by analysing the economic data and other evidence for the period. While the Spanish flu provides a useful case study, its usefulness is tempered by the differences in the economy and its institutions in 1919 compared with the same in 2020. Using the Spanish flu period to draw lessons on the economic effects of pandemics is additionally challenging because it also coincided with a period of major economic adjustment after the end of the war. I begin by providing a brief overview of the timeline and epidemiology of the Spanish flu and the measures used by authorities to contain the virus.