Abstract

ALMANZA RODRIGUEZ, Rubén Germán  and  RUIZ PORRAS, Antonio. The impact of pandemic and infectious diseases in economic growth: a neoclassical point of view. Revista Economía y Política [online]. 2022, n.35, pp.19-35.  Epub 31, 2022. ISSN 2477-9075.

We develop a neoclassical growth model introducing a Richard production function to describe the shock of pandemic and infectious diseases affecting the supply side. The model shows that in the proportion of exogenous shocks, countries with low-level technologies in the productive sectors reduce the labor productivity and, under some conditions, may fall into a poverty trap. Countries with high-level technology also reduce labor productivity but have a faster recovery. We show that incorporating modern technology and improvements in human capital are necessary conditions to overcome the poverty trap.

Keywords : Exogenous shocks; Richard function; Procyclical productivity; Poverty trap; Neoclassical theory..

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