THE COVID-19 PANDEMIC AS A “BLACK SWAN”: WHEN SHOCK BECOMES A HABIT

Milenkovski, Bozidar and Markovska, Monika (2022) THE COVID-19 PANDEMIC AS A “BLACK SWAN”: WHEN SHOCK BECOMES A HABIT. KNOWLEDGE –International Journal, 50 (1). pp. 95-100. ISSN 2545-4439 (Online)

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Abstract

There are events that are difficult to predict and that are unlikely to happen, but if they do, they have a
major economic impact locally, nationally, regionally and globally. These events are unpredictable and determine
global trends. In economic theory, such events are denoted by the metaphor “Black Swan”. Some examples of Black
Swans are: World War I, the Great Depression of 1929, World War II, the oil shocks of the mid-1970s, the
Chernobyl nuclear disaster of 1986, the commercialization of the Internet in the early 1990s etc. Only in the last 21
years, from 2000 until today, the following events can be also included here: dot.com bubble of 2000, the terrorist
attacks in the USA in 2001, the global economic and financial crisis that started as a mortgage crisis in the USA in
2007, the referendum on Britain's exit from the European Union (BREXIT) in 2016, as well as the global health
crisis caused by the Covid-19 pandemic, which began in late 2019 in the Chinese city of Wuhan. In this context, the
aim of this paper is to explain the phenomenon of such events called Black Swan, to show how such events shape
the economic and social reality, as well as to explain the corona virus (Covid-19) as a Black Swan event.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Faculty of Information and Communication Technologies
Depositing User:	Prof. d-r. Andrijana Bocevska
Date Deposited:	05 Apr 2022 11:24
Last Modified:	05 Apr 2022 11:24
URI:	https://eprints.uklo.edu.mk/id/eprint/6876

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