Yet it is remarkable that these more virulent pandemics had such evanescent economic consequences. The United Nations’ World Economic and Social Surveys from the late 1950s contain no references to a pandemic or a virus. Nor did the pandemics leave any deep, traumatic traces in memories. Even if one very conservatively assumes that lasting memories start only at 10 years of age, then 350 million of the people who are alive today ought to remember the three previous pandemics, and a billion people ought to remember the last two.
But I have yet to come across anybody who has vivid memories of the pandemics of 1957 or 1968. Countries did not resort to any mass-scale economic lockdowns, enforce any long-lasting school closures, ban sports events, or cut flight schedules deeply.