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" ... Mario Zanetti usually goes to his local bar in a small town in the northern Veneto region to play cards with friends. “We’re no longer allowed to use the cards for risk of contagion,” he says, “and we can’t even sit around a table together.” ... "
" ... Some institutions may not open for classes during the 2020-21 school year, and those that do will almost certainly look different than they did last September. Students might wear masks, or they might even be isolated from one another. Class sizes will likely be smaller, and not just because of safety measures put in place to offset a contagion. ... "
" ... The 2008 crisis wasn’t the first time Haldane had thought about contagion in financial systems. “I remember back in 2004/5, writing a note about us having entered the era of “super-systemic risk” as a result of these sorts of infections.” His note suggested that the financial network might be robust in some situations and extremely fragile in others. The idea was well-established in ecology: the structure of a network might make it resilient to minor shocks, but the same structure could also leave it vulnerable to complete collapse if put under enough stress. Think about a team at work. If most people are doing well, weaker members can get away with mistakes because they are linked to high performers. However, if most of the team is struggling, the same links will instead drag strong members down. “The basic point was that all this integration did indeed reduce the probability of mini-crashes,” Haldane said, “but increased the probability of a maxi-crash.” ... "
" ... We need to incorporate the contagion of narrative into economic theory. Otherwise we remain blind to the very real, very palpable, very important mechanism for economic change, as well as a crucial element for economic forecasting… Ultimately narratives are major vectors of rapid change in culture, in zeitgeist and in economic behavior.” ... "