Open AccessEkonomske posledice španske groznice (1918–1920): skica za ekonomsku istoriografiju jedne pandemije
Author(s) -
Boris Begović
Publication year - 2021
Publication title -
anali pravnog fakulteta u beogradu
Language(s) - English
Resource type - Journals
eISSN - 2406-2693
pISSN - 0003-2565
DOI - 10.51204/anali_pfbu_21105a
Subject(s) - human capital , pandemic , economics , covid-19 , demographic economics , medicine , economic growth , disease , infectious disease (medical specialty)
The aim of the paper is to explore the economic outcomeс of the Spanishflu pandemic and to systemise the insights in such a way that they can beused for shedding light on the economic outcomes of COVID-19 pandemic.It was demonstrated that in the short run the impact of the Spanish fluwas a significant one-off drop of the output due to the significant decreasein labour supply augmented by the decrease in aggregate demand. In thelong run the Spanish flu decreased the level of available human capital intwo ways: directly due to the excess mortality, and indirectly due to theintergenerational transfer of lower human capital and the health of mothersduring pregnancy. The decrease in human capital generated adverseconsequences on economic growth and these consequences increase withtechnological progress, which demands a higher level of human capital.