Pandemic containment policies have cut global production which has led to
rising unemployment in 2020. However, some predict that the coronavirus
pandemic might stimulate innovation and help workers become more
productive, e.g. see:
How Innovation Is Driving Productivity During And Beyond The COVID-19 Pandemic
Have we just stumbled on the biggest productivity increase of the century?
In this context, use the WS/PS model to illustrate and explain in some detail
what happens to an economy’s equilibrium unemployment in a post-COVID-19
world.