Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/225494 
Year of Publication: 
2020
Series/Report no.: 
IW-Report No. 53/2020
Publisher: 
Institut der deutschen Wirtschaft (IW), Köln
Abstract: 
The lasting economic impact of the COVID-19 pandemic will become apparent in the development of the macroeconomic factors of production - labour, capital, human capital as well as the stock of technical knowledge. Changes in behaviour such as a greater acceptance of technology can strengthen potential output permanently. By contrast, negative effects may arise from growing protectionist attitudes or long-lasting uncertainties and 'scarring effects'. In any case, the crisis has induced a technology push. This may be intensified if digitisation gains additional support from investments in infrastructure or if the pandemic heralds a renaissance in the natural sciences - with a corresponding impact on human capital and physical capital as well as on technical knowledge. For the time being, it is unclear what the effects of restructuring and secular structural change will be on potential output. However, dangers are lurking in the acceleration of geopolitical tensions, a misunderstanding of technological sovereignty and increasing government interventions, which as a whole could hamper innovation and investment.
JEL: 
I15
E23
E24
F20
Document Type: 
Research Report

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.