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Guiding Covid policy: cost-benefit analysis and beyond

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  • Jonathan Aldred

Abstract

Cost-benefit analysis (CBA) is inappropriate as an aid to Covid policy-making because the plural, incommensurable values at stake are not all amenable to monetary measurement. CBA for Covid policy is also undermined by pervasive uncertainty and ignorance, and has some troubling distributional implications. However, non-consequentialist alternatives to CBA tend towards implausibly absolutist prohibitions on risk imposition. Arguments for setting aside consequentialism for special circumstances (the precautionary principle, or a medical rule of rescue) are also problematic when applied to Covid policy. A broad consequentialist approach to policy guidance is defended, one which does not demand commensuration on a common monetary scale. Despite the absence of commensuration, policy guidance is still possible.

Suggested Citation

  • Jonathan Aldred, 2022. "Guiding Covid policy: cost-benefit analysis and beyond," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(3), pages 589-608.
    • Handle: RePEc:oup:cambje:v:46:y:2022:i:3:p:589-608.
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    File URL: http://hdl.handle.net/10.1093/cje/beac011
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    Cited by:

    1. Jessica Carrick-Hagenbarth & Eric Edlund & Avanti Mukherjee, 2023. "Analysis of Hybrid Epidemiological-Economic Models of COVID-19 Mitigation Policies," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(4), pages 585-612, October.

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