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The risk of every cause of death – including heart disease, cancer, stroke, renal failure – increased from isolation.

One of the reasons people can suffer in social isolation is because personal relationships can help us cope with stress,

“For instance: the ongoing uncertainty of what’s going on right now in the world, your body’s response to that may differ. Depending on the extent to which you feel like you have the resources you need to cope with that. And that in large part may be dependent on whether or not you feel like you have others in your life you can rely on.

“We have evolved to be social creatures. For all the history of humanity, people have been in family structures, people have been in groups, we’re evolved to kind of crave and rely on that interaction with other human beings,”

“So when we don’t have that it’s a huge void in the way that we go about being human. This is something that has been kind of hard-wired into who we are as beings.”

people do at least have a wealth of options to stay connected. Texting, video calling or even the phone could potentially help avert the sense of isolation or loneliness, Khullar said.

US equities all but shrugged off the emergency measures — the Dow Jones Industrial Average shed 2,700 points at the open, and the S&P 500 slipped 8%, hitting a circuit breaker that halted trading for 15 minutes. When it resumed, stocks continued to slump. 

In addition to facilitating more expansionary fiscal policy, "central banks will also have to ensure that credit can continue to flow to companies and households," he said. 

The tumult in the U.S. economy still pales in comparison to the damage being felt in other countries. In China, auto sales cratered 80% last month, while a plunge in tourism is expected to push Italy and perhaps France into a recession.

The U.S. Travel Association predicts that international travel to the United States will fall by 6% over the next three months. "There is a lot of uncertainty around coronavirus, and it is pretty clear that it is having an effect on travel demand — not just from China, and not just internationally, but for domestic business and leisure travel as well," the association's president, Roger Dow, said in a statement.

There was no guarantee that the economy’s downward spiral wouldn’t continue, as frightened businesses and consumers curbed spending and, in the process, increased unemployment. The CEA presents a series of charts comparing the 2008-2009 slump with the Great Depression. In every instance, the 2008-2009 downturn was as bad as — or worse than — the first year of the Great Depression: employment loss, drop in global trade and change in households’ net worth.

The starkest of these was the fall in households’ net worth (people’s assets, such as homes and stock, minus their debts, such as mortgages and credit-card balances). It dropped by $13 trillion, about a fifth, from its high point in 2007 to its trough in 2009. This decline, the CEA notes, “was far larger than the reduction [adjusted for inflation] . . . at the onset of the Great Depression.”

What separates then from now is that, after 18 months or so, spending turned up in 2009 while it continued declining in the 1930s. This difference reflected, at least in part, the aggressive policies adopted to blunt the downturn. The Fed cut short-term interest rates to zero and provided other avenues of cheap credit; the Troubled Asset Relief Program (TARP), enacted in the final months of the Bush administration, poured money into major banks to reassure the public of their solvency.

Still, Obama’s role was crucial. Against opposition, he decided to rescue General Motors and Chrysler. Throwing them onto the tender mercies of the market would have been a huge blow to the industrial Midwest and to national psychology. He also championed a sizable budget “stimulus.” Advertised originally as $787 billion, it was actually $2.6 trillion over four years when the initial program was combined with later proposals and so-called “automatic stabilizers” are included, the CEA says

More generally, Obama projected reason and calm when much of the nation was fearful and frazzled. Of course, he didn’t single-handedly restore confidence, but he made a big contribution

the recovery from the Great Recession is mostly complete. This seems plausible. Since the low point, employment is up 15.6 million jobs. Rising home and stock prices have boosted inflation-adjusted household net worth by 16 percent. Gross domestic product — the economy — is nearly 12 percent higher than before the financial crisis

his impact is underestimated. Suppose we had had a second Great Depression with, say, peak unemployment of 15 percent. Almost all our problems — from poverty to political polarization — would have worsened. Obama’s influence must be considered in this context. When historians do, they may be more impressed.

“There’s going to be a lot of bad news in the next three to four months,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “It will be pretty ugly. It is sure going to feel like a recession for awhile.”

“Some countries have proven that if you take precautionary measures such as social distancing you can get in front of this virus and contain it or at least slow it down,” said Sal Guatieri, senior economist at BMO Capital Markets.

If the U.S. achieves the same success as say, South Korea, the hope is that spread of the coronavirus will taper off by early summer, when illnesses such as the flu and cold also tend to weaken because of the heat and humidity.

The Fed has already cut a key interest rate on March 3 and could reduce it to basically zero by next week. The lowest rates in modern times is already encouraging a fusillade of mortgage refinancings that will put more money in family’s pockets.

Congress, for its part, is assembling what’s likely to be the first in a series of steps to cushion the blow to individuals and businesses most likely to suffer. A pending bill includes free testing, paid sick leave, emergency jobless benefits and small-business bridge loans.Economists says an overwhelming federal response is critical.

Still, even relative optimists such as Guatieri say there’s still too much uncertainty to feel confident. He and Wells Fargo’s Bullard say their firms have been changing their forecasts almost daily in the past week as the situation deteriorated. What’s made matters worse is simply not knowing the scope of the problem

“We’re not getting the insight into where we are or where we are going,” Bullard said. “So we’re all just speculating.”

Much of the nation has made the gut-wrenching choice to stop about half the economy and encourage most workers to stay home in an effort to save as many lives as possible

The average unemployment benefit check is currently $385 a week, which is less than half the typical weekly paycheck in the United States. The amount is slated to rise an additional $600 a week once President Trump signs the relief bill into law, a substantial increase meant to tide workers over as they are forced to stay home

All employees now have their temperature tested on the way into the warehouse. He’s had lengthy discussions with each worker about whether they should take the health risk of coming to work. They now run two shifts and mandate that employees stand about 10 feet from each other. Between the shifts, they sanitize the whole facility — doorknobs, surfaces, bathrooms, tools.

We haven’t seen this combination of economic anxiety and high inflation before. Economists are weighing the risks of a U.S. recession, and companies in many industries are worried that their businesses are slowing.

Fast growing start-ups in particular need the faith of investors, customers and employees to keep the momentum going.

If within a few months, stock prices bounce back, investors start putting money into start-ups again and the market for initial public offerings unfreezes, the industry might be fine. But if investors stay skittish for many months or years, that could lead to a major shake-up.

This conclusion is surely controversial because many economists attribute the weak recovery to misguided austerity, especially in Europe.

Perhaps history will vindicate this appeal to Keynesianism. Or perhaps not. The fact is that the United States did respond aggressively under both George W. Bush and Barack Obama. It certainly didn’t embrace austerity. Federal budgets ran massive deficits — $6.2 trillion worth from 2008 to 2013, averaging 6.4 percent of the economy (gross domestic product).Nothing like this had occurred since World War II. Yet, the economy limped along. Why wasn’t this enough?

It’s not just Keynesianism that’s under a cloud. The same fate has befallen monetarism — the doctrine that stable growth in the money supply can promote a more stable economy. Since 2008, the Federal Reserve has poured more than $3.2 trillion into the economy to keep interest rates low and accelerate economic growth. By monetarist reasoning, so much money pumped out so quickly should spawn higher inflation. Some economists predicted as much; it hasn’t happened yet. Consumer prices today are up a mere 1.5 percent from a year earlier.

The Great Recession and financial crisis changed behavior in fundamental ways that economists have yet to incorporate fully into their models or theories

The widespread faith that modern societies were sheltered from deep and sustained economic setbacks has been shattered, causing consumers, business managers and bankers to be more cautious in borrowing and spending. Economic stimulus may offset this caution, but if it signals that the economy is weaker than expected, it may also further depress private spending.

The faith in economics was, in many ways, the underlying cause of both the financial crisis and Great Recession — it made people overconfident and careless during the boom — and the basic explanation for the weak recovery, as stubborn caution displaced stubborn complacency

while it is easy to spot the winners at science fairs and robotics competitions, students who excel in humanities get less acclaim and are harder to identify.

“I got the sense from them that it’s not cool to be a nerd in high school, unless you’re a STEM nerd,” he said, using the term for science, technology, engineering and mathematics.

“I live in Seattle, surrounded by Amazon and Google and Microsoft,” said Ms. Roberts, a history buff. “One of the best things about the program, that made us all breathe a sigh of relief, was being in an environment where no one said: “Oh, you’re interested in humanities? You’ll never get a job.”

since the recession — probably because of the recession — there has been a profound shift toward viewing college education as a vocational training ground. “College is increasingly being defined narrowly as job preparation, not as something designed to educate the whole person,”

Many do not understand that the study of humanities offers skills that will help them sort out values, conflicting issues and fundamental philosophical questions, said Leon Botstein, the president of Bard College. “We have failed to make the case that those skills are as essential to engineers and scientists and businessmen as to philosophy professors,” he said.

all you're guaranteed is a chance to make the woman fall for you.

Based on a six-month study of dates successfully brokered through the site, they found that "men who want to date women over 10 years younger than themselves have to pay approximately 13% more than the average to close every year of age gap." A man 40 years older than his object of affection "will have to pay approximately 400% (or 4 times) more than a man who is only 10 years older to attract the interest of the same woman,"

Millennials have turned against both cars and houses in dramatic and historic fashion. Just as car sales have plummeted among their age cohort, the share of young people getting their first mortgage between 2009 and 2011 is half what it was just 10 years ago

he Great Recession is responsible for some of the decline. But it’s highly possible that a perfect storm of economic and demographic factors—from high gas prices, to re-­urbanization, to stagnating wages, to new technologies enabling a different kind of consumption—has fundamentally changed the game for Millennials

The emergence of the “sharing economy”—services that use the Web to let companies and families share otherwise idle goods—is headlined by Zipcar, but it also involves companies such as Airbnb, a shared market­place for bedrooms and other accommodations for travelers; and thred­UP, a site where parents can buy and sell kids’ used clothing.

tech­nology is allow­ing these practices to go mainstream, and that represents a big new step for consumers. For decades, inventory manage­ment was largely the province of companies, not individuals,

today, peer-to-peer software and mobile technology allow us all to have access, just when we need it, to the things we used to have to buy and hold. And the most powerful application is for cars.

Car ownership, meanwhile, has slipped down the hierarchy of status goods for many young adults. “Zipcar conducted a survey of Millennials,

“And this generation said, ‘We don’t care about owning a car.’ Cars used to be what people aspired to own. Now it’s the smartphone.”

Smartphones compete against cars for young people’s big-ticket dollars, since the cost of a good phone and data plan can exceed $1,000 a year. But they also provide some of the same psychic benefits—opening new vistas and carrying us far from the physical space in which we reside. “You no longer need to feel connected to your friends with a car

mobile technology has empowered more than just car-sharing. It has empowered friendships that can be maintained from a distance. The upshot could be a continuing shift from automobiles to mobile technology, and a big reduction in spending.

Talk about some examples of policy preferences that the majority holds that the government is not responsive to. Financial reform -- the deregulatory agenda has been pursued, somewhat more fervently among Republicans but certainly by Democrats as well in recent decades. Higher minimum wage. More support for the unemployed. More support for education spending. We'd see, perhaps ironically, less liberal policies in some domains like religious or moral issues. Affluent people tend to be more socially liberal on things like abortion or gay rights.

When did things start to become this way? It's possible that in earlier eras, that we don't have data for, that things were better. But in the time period that we do have data for, there's certainly no such evidence. Over time responsiveness to elites has grown.

Given your findings, what do you make of the great sense of persecution that people at the top appear to feel in recent years? Is there a phenomenon you came by that speaks to this, and does that perpetuate the cycle of policy moving in their direction? It's certainly not something our study or data has addressed. But it's part of an effort to defend, in the face of growing inequality, their advantages and wealth.

sometimes non-rich people favor an agenda that supports the rich. For instance, middle class tea partiers want low taxes on the highest earners, just as Steve Forbes does. Isn't that still democracy at work, albeit in an arguably perverse way? Yes, absolutely. I think people are entitled to preferences that conflict with their immediate interests -- narrowly conceived interests. That may be an example of that. Opposition to the estate tax among low-income individuals is another. But what we see in this study is that's not what this is happening. We don't look at whether preferences expressed by these different groups are consistent or inconsistent with their interests, narrowly conceived. We just look at whether they're responded to by government policy-makers, and we find that in the case of ordinary Americans, they're not.

What are the three or four most crucial factors that have made the United States this way? Very good question. I'd say two crucial factors. One central factor is the role of money in our political system, and the overwhelming role that affluent individuals that affluent individuals and organized interests play, in campaign finance and in lobbying. And the second thing is the lack of mass organizations that represent and facilitate the voice of ordinary citizens. Part of that would be the decline of unions in the country which has been quite dramatic over the last 30 or 40 years. And part of it is the lack of a socialist or a worker's party.

Your study calls to mind something that Dennis Kucinich, the former congressman, said years ago during the recession. He essentially said the class war is over and the working class lost. Was he right? I mean, for now, it certainly seems like it. The middle class has not done well over the last three and a half decades, and certainly has not done well during the Great Recession. The political system responded to the crisis in a way that led to a pretty nice recovery for economic elites and corporations.

what kind of data do you use to test this theory and how confident are you in the conclusions? What we did was to collect survey questions that asked whether respondents would favor or oppose some particular change in federal government policy. These were questions asked across the decades from 1981 to 2002. And so from each of those questions we know what citizens of average income level prefer and we know what people at the top of the income distribution say they want. For each of the 2,000 possible policy changes we determined whether in fact they've been adopted or not. I had a large number of research assistants who spent years putting that data together.

A new political science study that's gone viral finds that majority-rule democracy exists only in theory in the United States -- not so much in practice. The government caters to the affluent few and organized interest groups, the researchers find, while the average citizen's influence on policy is "near zero."

TPM spoke to Gilens about the study, its main findings and its lessons.

And while empirical evidence is important and we need more of it, the data almost never speak for themselves – a point amply illustrated by recent monetary events.

chwinger, as I remember the story, was never seen to use a Feynman diagram. But he had a locked room in his house, and the rumor was that that room was where he kept the Feynman diagrams he used in secret.

What’s the equivalent of Feynman diagrams? Something like IS-LM, which is the simplest model you can write down of how interest rates and output are jointly determined, and is how most practicing macroeconomists actually think about short-run economic fluctuations. It’s also how they talk about macroeconomics to each other. But it’s not what they put in their papers, because the journals demand that your model have “microfoundations.”

The Bernanke Fed massively expanded the monetary base, by a factor of almost five. There were dire warnings that this would cause inflation and “debase the dollar.” But prices went nowhere, and not much happened to broader monetary aggregates (a result that, weirdly, some economists seemed to find deeply puzzling even though it was exactly what should have been expected.)

What about fiscal policy? Traditional macro said that at the zero lower bound there would be no crowding out – that deficits wouldn’t drive up interest rates, and that fiscal multipliers would be larger than under normal conditions. The first of these predictions was obviously borne out, as rates stayed low even when deficits were very large. The second prediction is a bit harder to test, for reasons I’ll get into when I talk about the limits of empiricism. But the evidence does indeed suggest large positive multipliers.

The overall story, then, is one of overwhelming predictive success. Basic, old-fashioned macroeconomics didn’t fail in the crisis – it worked extremely well

In fact, it’s hard to think of any other example of economic models working this well – making predictions that most non-economists (and some economists) refused to believe, indeed found implausible, but which came true. Where, for example, can you find any comparable successes in microeconomics?

Meanwhile, the demand that macro become ever more rigorous in the narrow, misguided sense that it look like micro led to useful approaches being locked up in Schwinger’s back room, and in all too many cases forgotten. When the crisis struck, it was amazing how many successful academics turned out not to know things every economist would have known in 1970, and indeed resurrected 1930-vintage fallacies in the belief that they were profound insights.

mainly I think it reflected the general unwillingness of human beings (a category that includes many though not necessarily all economists) to believe that so many people can be so wrong about something so big.

. To normal human beings the study of international trade and that of international macroeconomics might sound like pretty much the same thing. In reality, however, the two fields used very different models, had very different intellectual cultures, and tended to look down on each other. Trade people tended to consider international macro people semi-charlatans, doing ad hoc stuff devoid of rigor. International macro people considered trade people boring, obsessed with proving theorems and offering little of real-world use.

does microeconomics really deserve its reputation of moral and intellectual superiority? No

Even before the rise of behavioral economics, any halfway self-aware economist realized that utility maximization – indeed, the very concept of utility — wasn’t a fact about the world; it was more of a thought experiment, whose conclusions should always have been stated in the subjunctive.

But, you say, we didn’t see the Great Recession coming. Well, what do you mean “we,” white man? OK, what’s true is that few economists realized that there was a huge housing bubble

True, a model doesn’t have to be perfect to provide hugely important insights. But here’s my question: where are the examples of microeconomic theory providing strong, counterintuitive, successful predictions on the same order as the success of IS-LM macroeconomics after 2008? Maybe there are some, but I can’t come up with any.

The point is not that micro theory is useless and we should stop doing it. But it doesn’t deserve to be seen as superior to macro modeling.

And the effort to make macro more and more like micro – to ground everything in rational behavior – has to be seen now as destructive. True, that effort did lead to some strong predictions: e.g., only unanticipated money should affect real output, transitory income changes shouldn’t affect consumer spending, government spending should crowd out private demand, etc. But all of those predictions have turned out to be wrong.

Kahneman and Tversky and Thaler and so on deserved all the honors they received for helping to document the specific ways in which utility maximization falls short, but even before their work we should never have expected perfect maximization to be a good description of reality.

But data never speak for themselves, for a couple of reasons. One, which is familiar, is that economists don’t get to do many experiments, and natural experiments are rare

The other problem is that even when we do get something like natural experiments, they often took place under economic regimes that aren’t relevant to current problems.

Both of these problems were extremely relevant in the years following the 2008 crisis.

you might be tempted to conclude that the empirical evidence is that monetary expansion is inflationary, indeed roughly one-for-one.

But the question, as the Fed embarked on quantitative easing, was what effect this would have on an economy at the zero lower bound. And while there were many historical examples of big monetary expansion, examples at the ZLB were much rarer – in fact, basically two: the U.S. in the 1930s and Japan in the early 2000

These examples told a very different story: that expansion would not, in fact, be inflationary, that it would work out the way it did.

The point is that empirical evidence can only do certain things. It can certainly prove that your theory is wrong! And it can also make a theory much more persuasive in those cases where the theory makes surprising predictions, which the data bear out. But the data can never absolve you from the necessity of having theories.

Over this past decade, I’ve watched a number of economists try to argue from authority: I am a famous professor, therefore you should believe what I say. This never ends well. I’ve also seen a lot of nihilism: economists don’t know anything, and we should tear the field down and start over.

Obviously I differ with both views. Economists haven’t earned the right to be snooty and superior, especially if their reputation comes from the ability to do hard math: hard math has been remarkably little help lately, if ever.

On the other hand, economists do turn out to know quite a lot: they do have some extremely useful models, usually pretty simple ones, that have stood up well in the face of evidence and events. And they definitely shouldn’t defer to important and/or rich people on polic

: compare Janet Yellen’s macroeconomic track record with that of the multiple billionaires who warned that Bernanke would debase the dollar. Or take my favorite Business Week headline from 2010: “Krugman or [John] Paulson: Who You Gonna Bet On?” Um.The important thing is to be aware of what we do know, and why.Follow The New York Times Opinion section on Facebook and Twitter (@NYTopinion), and sign up for the Opinion Today newsletter.

Trade would revert to the rules of the World Trade Organization, making Britain’s exports to Europe vulnerable to tariffs and other barriers to commerce, including health and safety rules.

Brexit supporters called the outcome a template for how a pragmatic British government would prevent businesses from abandoning its shores — with tax cuts, friendly regulation and deal making.

But consumer spending has been increasingly paid for by debt. The British pound has surrendered 17 percent of its value against the dollar since the referendum, raising the cost of imported goods.

During the campaign, Brexit supporters argued that Europe would ultimately make it happen because its most powerful member, Germany, now sends a parade of BMWs, Audis and Volkswagens to Britain.

Even if European leaders seek middle ground, any one of the member nations could hijack the proceedings with their demands while the clock ticks away.

Britain really is departing the largest consumer market on earth.

But the truth is more nuanced, and, statistically at least, the question of how burdensome student debt is and the extent to which it is disrupting major life events depends on a number of factors, including when you graduated from college with debt.

For those who graduated with debt as the economy was crashing, it was a double-whammy, said Keys, “so you’re seeing delayed marriage, delayed child-bearing, which are at least in part a function of the ongoing damage from the Great Recession.

Before the Great Recession, student debt levels were below auto loans, credit card debt and home-equity lines of credit in the ranking of household debt. Since then, student loan debt has surpassed these other debts

A $1,000 increase in student loan debt lowers the homeownership rate by about 1.5 percentage points for public four-year college-goers during their mid 20s, equivalent to an average delay of 2.5 months in attaining homeownership,

Individuals who attain higher education average higher salaries, which translates into a higher tax base. With higher levels of education attainment, there is also less reliance on social welfare programs, as individuals who attain higher education are more likely to be employed, less likely to be unemployed, and less likely to be in poverty. Higher levels of education are also associated with greater civic engagement, as well as lower crime.”

In 2014, the largest chunk of student debt — nearly 40% — belonged to people owing between $1 and $10,000.

The bigger problem, Webber said, comes when students take out loans and then don’t graduate from college

Nationally, 60% of people who start at a four-year institution wind up graduating within the next six years

There are other ways in which all debt is not created equal. “Many of the people who have the largest loans and are the most likely to default are also the people who got the worst credentials and poorest quality training when they graduated or potentially didn’t even graduate

But although $1.5 trillion is a big number, it may not be an unreasonable amount given the value it is creating

In 2002, a bachelor’s degree holder could expect to make 75% more than someone with just a high school diploma, and nearly a decade later that premium had risen to 84%

A bachelor’s degree is worth about $2.8 million over a lifetime, the study also found.

Australia has a system that links the repayment of loans with the tax system. “Income-driven repayment options have been created in the U.S.,” said Perna, “but these options are more cumbersome and administratively complex than in Australia and some other nations. By linking the amount of the monthly payment to an individual’s income, income-driven repayment options can help to protect borrowers against the risk of non-repayment. But a more seamless system wouldn’t require borrowers to annually report their income to the U.S. Department of Education

“Promise” or “free tuition” programs cropping up in some states are also worth examining

“Right now there is, frankly, very little accountability that schools have; they practically have no skin in the game. If students default on their loans, there is no bad effect for the school.”

Fears about joblessness on this scale could jolt markets again. Investors have priced in a recession by now, but may still be processing the size of the hole the coronavirus has blown into the global economy, Jeffrey Kleintop, chief global investment strategist at Charles Schwab, told me.

The Dow Jones Industrial Average is now down 35% from its all-time high in mid-February, erasing all its gains since President Donald Trump's inauguration. Between January 20 and last Thursday, $27 trillion was wiped off global stocks, according to Bank of America.

The Fed said it will support American households and businesses, but it acknowledged "our economy will face severe disruptions."

The social distancing policies imposed to fight the coronavirus crisis have brought the American economy to its knees. Malls are empty. Factories have been shut down. Casinos have gone dark. And countless flights have been suspended. The economic toll is massive.

Aided by extremely low interest rates, US businesses have borrowed heavily over the past decade to hire workers, build factories, research new products and pay for share buybacks. That debt now looks especially treacherous as the economy goes into a tailspin.