It's an overwhelming time right now. Everyone in the world is focused on COVID-19, and to varying degrees, is changing the way they live.
From an economic perspective -- beyond the obvious massive damage due to a halting of large swaths of the economy, which will need to be addressed with some form of government bailout -- there will also be some amount of permanent restructuring.
Many people are experiencing, for the first time, how many activities -- work, learning, healthcare, and socializing -- can be done remotely and in new ways using digital tools. For sure, when the dust settles, we will largely go back to doing things how we've always done them, but I suspect that certain new behaviors will stick, and will result in longer-term behavioral and economic changes.
The most obvious one is business travel and remote work. Everyone who can is learning how to do this now -- including companies/teams/individuals that may have resisted it mightily in the past. Moving forward, it's going to be much harder to justify an in-person-only culture. Virtual conferences & meetings have drawbacks, for sure, but they also have advantages. I suspect that coming out of the crisis, many professionals will have a permanently higher bar for justifying work travel.
The next one is remote health. We now have the infrastructure, at scale, for communicating with doctors virtually, and collecting test samples at home. Laws limiting what doctors and patients can do together over voice and video will change. Nikhil Krishnan has a great piece exploring this in detail. This will stick.
Everyone with kids is scrambling to figure out how to keep them engaged, connected and learning. Every school is scrambling to implement a remote learning capability. Subscriptions at online learning platforms are through the roof. School will resume but remote learning will stick.
Finally, it also feels like we are rediscovering our social and entertainment lives. I have never been more active with friends and family -- especially, for some reason, those who live at a distance -- as much as recently. I have never done video chats with groups of friends and now that's regular. My kids are connecting with their friends over FaceTime every day. Group and one-on-one chats are on fire. To a degree, this is because everyone's at home with nothing to do. But I believe this will also stick.
What is most interesting to me is not the social changes, but the institutional ones. In the cases of work, learning and healthcare, we are talking about massive institutions that are learning new behaviors on-the-fly. This is a big deal -- we're probably seeing years-worth of change occurring over a matter of weeks. It's astonishing, really.
And, as a result, a massive number of individuals are learning new moves, which will put pressure on the institutions not to roll everything back when this is all over. Not everything will stick, but I suspect a lot of it will.
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