We are all experiencing some of the effects of this ongoing crisis. A large number of businesses have closed, unemployment claims have risen to an all-time high, the US stock markets have tumbled in a manner not seen since the great depression, and all this is happening just a few months after we saw the economy achieve a series of all-time low unemployment records for different groups along with all-time high stock market averages.
Nassim Taleb used the term Black Swan Event (Links to an external site.) to describe unexpected events that fundamentally change our outlook and how we proceed after that event. The coronavirus pandemic is definitely such an event. Of course, the economy will eventually recover and, once it does, we are likely to see both structural and operational changes in industries, in businesses and in jobs. For example, we might see an even greater increase in the use of robotics and automation that might help keep plants open during future events. We will also probably seen an acceleration in certain online trends based on labor issues and distancing, etc. Businesses that are affected by supply chain issues may react to reduce the likelihood of problems in the future, etc. These kinds of things will in turn affect capital/labor ratios, the nature of available jobs, etc. Clearly, some industries are better placed to deal with these kinds of issues than others, but all are likely to be affected in some ways.
select an industry that is of interest to you and then
on the changes that you believe will take place in that industry, its firms, the operating procedures of firms and possibly also in available jobs and job requirements.
