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Modelling the Spread of the Coronavirus: A View from Economics

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  • Peter Lloyd
  • Robert Dixon

Abstract

This article reviews the modelling of the spread in Australia of COVID‐19 from the point of view of the discipline of Economics. After a brief overview of the epidemiological approach, we show that other modelling is needed for policy purposes and especially to provide a full understanding of the economic and social costs of disease control. We look at microeconomic aspects of infection, focusing on individual behaviour, the choices facing the individual and implications for policy. The use of a cost–benefit approach and macroeconomic aspects of the pandemic are examined together with the economic consequences of policy response.

Suggested Citation

  • Peter Lloyd & Robert Dixon, 2021. "Modelling the Spread of the Coronavirus: A View from Economics," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 54(1), pages 36-56, March.
    • Handle: RePEc:bla:ausecr:v:54:y:2021:i:1:p:36-56
    DOI: 10.1111/1467-8462.12407
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    References listed on IDEAS

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    1. Ali Eshragh & Saed Alizamir & Peter Howley & Elizabeth Stojanovski, 2020. "Modeling the dynamics of the COVID-19 population in Australia: A probabilistic analysis," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-19, October.
    2. Jeff Borland & Andrew Charlton, 2020. "The Australian Labour Market and the Early Impact of COVID‐19: An Assessment," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(3), pages 297-324, September.
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    Cited by:

    1. Kimberley Reis & Cheryl Desha & Sioux Campbell & Prudence Liddy, 2022. "Working through Disaster Risk Management to Support Regional Food Resilience: A Case Study in North-Eastern Australia," Sustainability, MDPI, vol. 14(4), pages 1-28, February.

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