Open AccessEffects of the Covid-19 Measures on the Economy and the Environment
Author(s) -
Peter Stallinga,
Igor Khmelinskii
Publication year - 2021
Publication title -
economics, law and policy
Language(s) - English
Resource type - Journals
eISSN - 2576-2060
pISSN - 2576-2052
DOI - 10.22158/elp.v4n2p1
Subject(s) - covid-19 , work (physics) , recession , value (mathematics) , greenhouse gas , virtualization , consumption (sociology) , economics , low carbon economy , pandemic , economy , business , macroeconomics , political science , engineering , law , cloud computing , social science , ecology , pathology , sociology , computer science , biology , machine learning , medicine , mechanical engineering , disease , infectious disease (medical specialty)
The effects of the Covid-19 pandemic and governmental countermeasures are described in this work by putting it in the framework of the Energy Theory of Value. It is found that the downturn in economy is not accompanied by an equal downturn in energy consumption nor of carbon emissions. Moreover, not even the empirical fifth-power law linking the former two is any longer sustained, more so proving the state of virtualization of our economy (disconnecting it from a physical reality). It is also found that the reduction of carbon emissions had no impact on the dynamics of carbon in the atmosphere, which goes on business as usual. All these results undermine the planned policies of the world agenda.