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When to release the lockdown: A wellbeing framework for analysing costs and benefits

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Listed:
  • Andrew E. Clark
  • Jan-Emmanuel De Neve
  • Daisy Fancourt
  • Nancy Hey
  • Christian Krekel
  • Richard Layard
  • Gus O'Donnell

Abstract

In choosing when to end the lockdown, policy-makers have to balance the impact of the decision upon incomes, unemployment, mental health, public confidence and many other factors, as well as (of course) upon the number of deaths from COVID-19. To facilitate the decision it is helpful to forecast each factor using a single metric. We use as our metric the number of Wellbeing-Years resulting from each date of ending the lockdown. This new metric makes it possible to compare the impact of each factor in a way that is relevant to all public policy decisions.

Suggested Citation

  • Andrew E. Clark & Jan-Emmanuel De Neve & Daisy Fancourt & Nancy Hey & Christian Krekel & Richard Layard & Gus O'Donnell, 2020. "When to release the lockdown: A wellbeing framework for analysing costs and benefits," CEP Occasional Papers 49, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepops:49
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    References listed on IDEAS

    as
    1. Andrew E. Clark & Sarah Flèche & Richard Layard & Powdthavee Nattavudh, 2018. "The Origins of Happiness: The Science of Well-Being over the Life Course," PSE-Ecole d'économie de Paris (Postprint) halshs-01631510, HAL.
    2. Andrew E. Clark & Paul Frijters & Michael A. Shields, 2008. "Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," Journal of Economic Literature, American Economic Association, vol. 46(1), pages 95-144, March.
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    4. Oswald, Andrew J. & Powdthavee, Nattavudh, 2020. "The Case for Releasing the Young from Lockdown: A Briefing Paper for Policymakers," IZA Discussion Papers 13113, Institute of Labor Economics (IZA).
    5. Paul Dolan, 2011. "Using Happiness to Value Health," Monograph 000176, Office of Health Economics.
    6. Jan-Emmanuel De Neve & George Ward & Femke De Keulenaer & Bert Van Landeghem & Georgios Kavetsos & Michael I. Norton, 2018. "The Asymmetric Experience of Positive and Negative Economic Growth: Global Evidence Using Subjective Well-Being Data," The Review of Economics and Statistics, MIT Press, vol. 100(2), pages 362-375, May.
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    Keywords

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    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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