The COVID-19 pandemic offers a real-world framework to teach basic macroeconomics. Decreases in economic activity led to severe downturns in economic growth and increased unemployment. Both fiscal and monetary policies were used to limit the magnitude of the contraction, with continued conversations about additional stimulus. Since states re-opened in June, it is unclear what the new long-run equilibrium related to aggregate supply and demand will look like. What is clear is that the price tag to taxpayers will be substantial, with implications on the national debt. Content is written with high school economics and government classrooms in mind.
Melanie Marks, David Zirkle, Montana Shanks, and Emily Moran
Marks, M., Zirkle, D., Shanks, M., & Moran, E. (2020). Teaching Macroeconomics Using the Coronavirus Pandemic Example in the High School Classroom. Journal of Economics Teaching, 5(2), 44-63. DOI: 10.58311/jeconteach/9861d2b3aeac7d06b77fa906a729a9d6f20a5b90