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On the Collective Moods of Booms and Busts: Socio-Psychological Foundations in External Shock Communication and Social Volatility in the COVID-19 Economic Fallout

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  • Julia M. Puaschunder

    (The New School, Parsons School of Design, USA)

Abstract

The currently ongoing novel Coronavirus-crisis is an external shock coming down on society with direct impact on societal moods and subsequently connected economic changes. With growing digitalization and quickening of transfer speed, information exchange in the individual involvement to break trends online on a global scale may impose unknown systemic risks in causing social volatility in international economics. Research may explore how human beings’ communication and interaction results in socially constructed volatility that echoes in economic correlates. This paper proposes to explore the role of communication and temporal foci in pandemic communication to create social volatility underlying economic downturns with attention to international differences. Comparing the economic consequence of the endogenous crunch of the 2008 World Financial Recession with the external economic shock of the COVID-19 pandemic could aid to retrieve crisis-specific recovery recommendations. Understanding how the social compound forms economic outcomes promises to explain how market outcomes are developed in society and can be shaped by strategic communication with special attention to new media technologies.

Suggested Citation

  • Julia M. Puaschunder, 2020. "On the Collective Moods of Booms and Busts: Socio-Psychological Foundations in External Shock Communication and Social Volatility in the COVID-19 Economic Fallout," Proceedings of the 19th International RAIS Conference, October 18-19, 2020 002jp, Research Association for Interdisciplinary Studies.
    • Handle: RePEc:smo:bpaper:002jp
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    References listed on IDEAS

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    1. Julia Puaschunder, 2019. "Towards a Utility Theory of Privacy and Information Sharing: The Introduction of Hyper-Hyperbolic Discounting," International Journal of Strategic Information Technology and Applications (IJSITA), IGI Global, vol. 10(1), pages 1-22, January.
    2. Committee for the Coordination of Statistical Activities, 2020. "How COVID-19 is Changing the World," World Bank Publications - Books, The World Bank Group, number 33773.
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