(On the long term effects of the coronavirus on business and society.)

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.