Anushka Srivastava, Research Scholar, University of Petroleum Energy and Studies, Dehradun
Krishan Kumar Mittal, IME Law College, affiliated with Chaudhary Charan Singh University, Meerut
Vishal Chaudhary, Kaka Horam Singh College of Law Education and Technology, Affiliated with Chaudhary Charan Singh University, Meerut
ABSTRACT
The hit of COVID has not only impacted public health on a global scale but also it has inflicted a fatal blow on the worldwide economy, which is subjected to a healing process as of now. Significant economic losses, the extreme surge in the lack of employment opportunities, and disruptions in almost every possible sector flourishing in the world are the disastrous outcomes of this pandemic. With the passage of time, it has become evident that the government of several states could not comprehend and grasp the catastrophic impact of rapid COVID-19 spread leading to a collapsing economy, which needs to be revived. Given that the likelihood of such pandemic outbreaks will not abate in the foreseeable future, aggressive international action is necessary to not only save lives but also defend economic prosperity. As a consequence of the COVID-19 global pandemic, there has been an increase in the number of preventable deaths, truancy in the organization, and a decrease in overall production efficiency. Furthermore, the pandemic has been responsible for a deleterious global supply, which has resulted in a slowdown of manufacturing production of goods and services as a direct consequence of interruptions to international supply chains and the closing of production lines. The study is concerned with the pandemic Covid-19, along with the manner in which it has shaken the economy of several nations. The paper discusses certain proposed economic solutions that can be implemented to the pandemics that could arise in the future. The researchers and academicians who have expertise in law and economics conclude that this global pandemic has made human civilization pay a huge social cost.
Keywords: Externalities, Economic Law, Covid-19, Pandemic, Social Cost
