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Economic, social and political issues raised by the COVID-19 pandemic

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  • Tisdell, Clement A.

Abstract

This article contributes to the assessment of public policies to control the incidence of COVID-19 in several ways. (1) It contains a brief historical and comparative overview of selected pandemics, particularly in relation to the COVID-19 pandemic; (2) It provides a simple original model which could be used to prioritize the admission of COVID-19 sufferers to hospital (taking into account available hospital capacity) and (3) it specifies a second model to evaluate desired social choices involving the trade-off between the severity of social restrictions (taking into account their impact on the incidence of COVID-19) and the level of economic activity. Bergson-type welfare functions are utilized in the second model. It also critically examines the proposition that the isolation (lockdown) of social groups is a desirable method of limiting the incidence of COVID-19. This leads onto the consideration of the extent to which personal freedom of choice (liberty) ought to be restricted in response to the COVID-19 pandemic. A brief outline follows illustrating the factors that are likely to hinder economic recovery from COVID-19. Particular attention is paid to the moral and ethical questions raised by policies to control COVID-19. These appear to have received little attention in the relevant economic literature.

Suggested Citation

  • Tisdell, Clement A., 2020. "Economic, social and political issues raised by the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 17-28.
    • Handle: RePEc:eee:ecanpo:v:68:y:2020:i:c:p:17-28
    DOI: 10.1016/j.eap.2020.08.002
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    References listed on IDEAS

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    1. Daron Acemoglu & Victor Chernozhukov & Iván Werning & Michael D. Whinston, 2021. "Optimal Targeted Lockdowns in a Multigroup SIR Model," American Economic Review: Insights, American Economic Association, vol. 3(4), pages 487-502, December.
    2. Andrew Atkeson, 2020. "How Deadly is COVID-19? Understanding the Difficulties with Estimation of its Fatality Rate," Staff Report 598, Federal Reserve Bank of Minneapolis.
    3. Clem Tisdell, 2009. "Economic Reform and Openness in China: China’s Development Policies in the Last 30 Years," Economic Analysis and Policy, Elsevier, vol. 39(2), pages 271-294, September.
    4. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
    5. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    6. Clement A. Tisdell, 2017. "Economics and Environmental Change," Books, Edward Elgar Publishing, number 15534.
    7. Clem Tisdell, 2017. "Information technology’s impacts on productivity and welfare: a review," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 44(3), pages 400-413, March.
    8. Fenichel, Eli P., 2013. "Economic considerations for social distancing and behavioral based policies during an epidemic," Journal of Health Economics, Elsevier, vol. 32(2), pages 440-451.
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    More about this item

    Keywords

    Economic activity and COVID-19; History of pandemics; Liberty and COVID-19; Quality of life years (QALYS) and COVID-19; Social choice and COVID-19; Triage and COVID-19; Value of human life and COVID-19;
    All these keywords.

    JEL classification:

    • I - Health, Education, and Welfare
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • F01 - International Economics - - General - - - Global Outlook
    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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