LUBBOCK, Texas — Texas Tech University economics professor Michael Noel, PhD said the economy is being largely affected by the threat of the coronavirus.
Noel noted that the Dow fell 2000 points on Monday, which he said is easily a record due to the uncertainty surrounding the coronavirus.
“In order to contain the virus, if it gets out of control,” he said, “that means that you have to keep people apart, not just sick people, but even people who look mostly healthy need to be separated from other people.”
He said separating everyone who is healthy could have a severe impact on the economy.
Noel said the best thing people can do to help the economy is to spend but still take precaution.
“You have to balance your own concerns and the degree of coronavirus in the area around you at that time with your traveling and going out,” he said. “So the more you spend as normal during this period will be good for the economy.”