The Spanish flu pandemic that followed the conclusion of World War I is considered to be the most lethal pandemic in recent history. Using detailed data from 50 large US cities, Professor Berkes and his co-authors examined the impact of Spanish flu lockdowns on innovation, as measured by the registration of new patents. Moreover, in the long-run, the long-lockdown cities fared considerably better than the short-lockdown cities; patent applications increased by 12%. Thus, despite being able to benefit from a coffee with colleagues, innovators in short-lockdown cities suffered from the general climate of uncertainty. Moreover, the emergence of sophisticated substitutes for face-to-face interactions limit the extent to which lockdowns impede innovation.

Source: Dhaka Tribune December 28, 2020 21:56 UTC