OPINION: There are a few silver linings to the chaos of COVID-19. We've seen amazing medical innovation, collaboration and balance, Mohamed A. El-Erian writes.
CHIPPING NORTON, U.K. — The human tragedies and massive economic disruptions caused by COVID-19 have rightly commanded the attention of the public and policy makers for more than six months, and should continue to do so. But in managing the immediate crisis, we must not lose sight of the opportunities. The oft-quoted line about not letting a crisis go to waste has rarely been more relevant.
Medical innovation The first is that we are living through one of the most exciting and promising periods of medical invention and innovation in history. While the immediate focus is rightly on COVID-19 vaccines and therapies, we should expect the research currently under way to produce a host of other discoveries, many of which will yield significant, durable benefits.
These collective efforts are being supported by dynamic public-private partnerships, showing that this instrument of development can indeed be “win-win” when it is properly focused and there is clear alignment. Tail risks Fourth, the COVID-19 shock has raised our collective awareness and sensitivity to low-probability, high-impact “tail risks.” Suddenly, many in the private and public sectors are thinking more in terms of the full distribution of potential outcomes, whereas in the past they focused only on the most likely events.
The door is open for more public investment in climate mitigation and adaptation, and there is a growing chorus demanding that the new normal be “green.” Balance Finally, the crisis has required many companies to hold candid conversations about work-life balance, and to devise innovative solutions to accommodate employees’ needs. There have already been far-reaching changes in how we work, interact with colleagues, and consume goods and services, and only some of these are likely to be reversed after the pandemic has passed.
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