The impact of COVID-19 isn’t only being felt in the hospitals and care homes. Around the world, as societies adjust to social distancing and lockdown measures, relationships have felt the strain, people have suffered with their mental health, and many businesses have struggled to stay afloat – with some never set to open again.
Lockdown measures have eased slightly in some countries, but the question as to when governments should open up their respective economies is being debated with no clear answer. What’s more important: trying to save lives or save livelihoods?
Kairong Xiao, Assistant Professor of Business at Columbia Business School, recently released a paper discussing whether big data could help solve this question by doing both. We decided to find out more.
The difficult decision
COVID-19 has presented policymakers with the impossible decision of whether saving lives or saving livelihoods should take precedence.
We’ve seen the effectiveness of restricting movement through social distancing and lockdown measures by containing the rapid spread of the disease, but this inflicts steep costs on the economy as normal activities are disrupted.
In reality, it’s a painful decision between economic costs and human lives – a tradeoff that has caused divisive and heated debate in the policymaking realm.
However, big data could help chart a path through this tricky terrain. By using real-time location data from smartphones, it is possible to detect potential disease carriers and break the transmission chain. Big data could also help identify groups of people unlikely to carry the disease, so they can return to work and normal life, minimizing economic damage.
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