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Well, I am neither an economist nor a prophet but as a Rabbi, I have a few "spiritual" assumptions regarding this issue:
1. The Jewish faith, in contrast to other religions, claims that G-D wants to benefit people "also" in this world.
"...he created it (the world) not in vain, he formed it to be inhabited: "Isaiah 45:18
G-D is not interested in chaos but rather in the inhabitance of the world. Because of this - modernity, technology, leisure time, and entertainment in the right amount - is a positive thing and will not go down the drain so quickly.
In our case, it is important to remember that there are no resources that have disappeared from reality. The world has been shut down for two months - and this has huge implications - but the raw materials, the potential, and talents remain the same.
Although the shock waves of collapsing sectors and businesses will hit us hard, many will still remain in tacked and will even reinvent themselves. It is all a matter of perspective and proportions.
The main implication would be a short-term decline in our living standards. A low-fat diet is not necessarily a bad thing. We will have fewer flights abroad, less glittering family events; we will learn how to live with it.
There is a scenario in which, the days of the coronavirus will produce more equality in our society. For example, there will be an economic protest against the hefty salaries and improved working conditions of senior civil servants. With all due respect, self-employed people should not lose their businesses while others may collect three pensions.
In general, from a historical perspective as well as from a faith perspective we learn that apocalyptic prophecies tend not to come true.
In summary, I bet my money that the economic recovery will be faster than we expected.
Amen.
To commemoration of Rivka, daughter of Ovadiah, G-D rest her soul, on her 45th Yahrzeit. May her Neshama have an Aliyah.
Evil will pass
Good will prevail
With the help of G-D
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