Three years on and the coronavirus continues to transform society. Economists and empiricists alike are fascinated by what this virus has done to the world. The health effects have been immense, but the economic implications are just as complicated.

It may be said with some certainty that last year many gradually slipped into insanity. The timing could not have been worse for multiple industries which scrambled to find alternative measures to counter the irregular pandemic. Europe and the UK have been economically inferti...