| dc.description.abstract | This thesis provides an analysis of the macroeconomic and socioeconomic impacts on Norway by two detrimental pandemics, the Spanish flu and Covid-19. This is accomplished through comparative analysis of GDP per capita, stock market indices, mortality, unemployment, and other key indicators. These metrics highlight the social and economic consequences of pandemics in Norway. By utilizing the IS-LM Model and insight from Keynesian economics, this thesis explores how fiscal and monetary policies influenced the recovery efforts and long-term economic outcomes. The study identifies patterns of vulnerability and resilience, and aims to contribute with evidence-based strategies in the face of future policy making and crisis management.
Examining the consequences of the Spanish flu and Covid-19 pandemics, insight emerges regarding the economic resilience and crisis management strategies. The Spanish flu brought considerable economic and social disruption, defined by the high mortality rates, industrial decline and reduced trade. In addition to the pandemic, the first world war exacerbated this disruption. The limited public health infrastructure and modest economic policies in Norway at the time led to a slow recovery and highlights the vulnerability of minimal government intervention during pandemics. Adversely, the Covid-19 pandemic showcased the evolved pandemic response capacity of the Norwegian government, where swift monetary and fiscal policies, such as the lowered interest rate stabilized the economy post the initial short term economic decline. These proactive measures and the robust healthcare infrastructure facilitated a quicker recovery compared with the Spanish flu. Lessons to draw from the research and response of the Norwegian government is the importance of governmental intervention, preparedness and adaptable public health infrastructure with enhancing resilience to future pandemics. | |
