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Bouncing forward: a resilience approach to dealing with COVID-19 and future systemic shocks
William Hynes1, Benjamin Trump1,2, Patrick Love1
1New Approaches to Economic Challenges Unit, Office of the Secretary General, OECD, 2 rue Andre Pascal, 75775 Paris, France.
Environment Systems & Decisions
|August 25, 2020
Summary
Over-emphasizing efficiency in socioeconomic systems, like during the COVID-19 crisis, reduces resilience. Building resilient infrastructure is crucial for navigating future systemic challenges and economic recovery.
Area of Science:
- Socioeconomic Systems Analysis
- Resilience Engineering
- Public Policy
Background:
- Modern socioeconomic systems prioritize efficiency, leading to interconnectedness and vulnerability.
- The COVID-19 crisis exposed the fragility of these systems, causing cascading failures.
- Traditional policy approaches often overlook systemic interactions and resilience.
Purpose of the Study:
- To analyze the impact of COVID-19 on socioeconomic systems.
- To discuss the concept of resilience in the context of systemic failures.
- To provide recommendations for integrating resilience analytics and building resilient infrastructure.
Main Methods:
- Review of the impact of COVID-19 on global socioeconomic systems.
- Conceptual discussion of system resilience and its importance.
- Development of policy recommendations for crisis recovery and future preparedness.
Main Results:
- The drive for efficiency has inadvertently decreased system resilience.
- Failures in one system can rapidly cascade to others, as seen during the pandemic.
- Current policy frameworks may be inadequate for addressing systemic risks.
Conclusions:
- Resilience must be a core consideration in socioeconomic system design and policy.
- Integrating resilience analytics is vital for effective recovery from the COVID-19 crisis.
- Proactive measures to build resilient infrastructure are essential for future stability.
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