This figure is based on children who have missed half a year of schooling directly due to an epidemic, which is 4% of what they earn in their lifetime. National Interest writes that this calculation is based on current estimates of education profits in high-income countries.
“The whole learning process is dynamic and is based on skills and knowledge gained in previous stages,” says IFS writer Luke Cipeta.
Great recovery is needed
“Without adequate recovery, children may use the job with less knowledge and skills or leave school with less ability to acquire additional skills,” Cipeta said.
Based on one person earning $ 1 million in a lifetime, Cibeta revealed that this equates to a total income of $ 350 billion, with nearly $ 9 million lost in life. School children in the United Kingdom. He believes the $ 1.5 billion promised by the government is not enough to make up for the lost hours for children to make a positive impact after the outbreak.
“The answers required are complex, rigorous and costly,” he said. “The risks of spending too much time or too much resources leave far fewer potential abilities and inequalities for future generations, rather than the risks of spending too little.”
The UK has already entered its third lock-in, with all essential shops, schools and universities closed for at least six weeks. While it is not yet clear when the restrictions will end, British Prime Minister Boris Johnson has suggested that schools could be reopened by an epidemic early next month.
In the United States, a recent study by experts from the University of California showed that the epidemic could lead to a net loss of $ 3.2 trillion to $ 4.8 trillion in actual U.S. GDP. The loss to U.S. GDP could be four times higher compared to China, which has suffered less economic damage due to virus isolation measures and less stagnation.