NEW YORK – Well-known NYU Stern School of Business Professor of Economics Nicholas Economides appeared on the PIX11 News in New York on February 5, noting that the “coronavirus threatens U.S. companies that produce goods in China.”
Prof. Economides told PIX11 News, “There is a major disruption of the supply of these goods because right now everything is at a standstill in China. How long the disruption will last, we have no idea.”
“With travel restrictions and parts of the country in quarantine, NYU Professor of Economics Nicholas Economides says the coronavirus outbreak has ceased production of many goods made in China,” PIX11 News reported.
Among the products are “car parts, laptops and iPhones and some U.S. companies are facing an economic hit” PIX11 reported adding that “this past weekend, Apple announced it had closed all of its corporate offices and retail stores in China.”
“Out of the total production of the world, which is 80 trillion, China is only 12. So, there are substitutions, but there are certain areas in which almost everything is produced in China, and that’s where you’ll see the biggest impacts,” Economides told PIX11 News.
Prof. Economides is an internationally recognized academic authority on network economics, electronic commerce and public policy. His fields of specialization and research include the economics of networks, especially of telecommunications, computers, and information, the economics of technical compatibility and standardization, industrial organization, the structure and organization of financial markets and payment systems, antitrust, application of public policy to network industries, strategic analysis of markets and law and economics.
Prof. Economides has published more than 100 articles in top academic journals. He holds a PhD and MA in Economics from the University of California at Berkeley, as well as a BSc (First Class Honors) in Mathematical Economics from the London School of Economics. Previously, he taught at Columbia University (1981-1988) and at Stanford University (1988-1990). His website on the Economics of Networks has been ranked as one of the top four economics sites worldwide by The Economist magazine.
Prof. Economides is Executive Director of the NET Institute, www.NETinst.org, a worldwide focal point for research on the economics of network and high technology industries.
He has advised or is advising the U.S. Federal Trade Commission, the governments of Greece, Ireland, New Zealand and Portugal, the Attorney General of New York State, major telecommunications corporations, a number of the Federal Reserve Banks, the Bank of Greece, and major Financial Exchanges. He serves on the Advisory Board of the Economist Intelligence Unit. He has commented extensively in broadcast and in print on high technology, antitrust, and public policy issues.