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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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. Clement A. Tisdell, 2017. "Economics and Environmental Change," Books, Edward Elgar Publishing, number 15534.
    Full references (including those not matched with items on IDEAS)

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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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