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When to Release the Lockdown? A Wellbeing Framework for Analysing Costs and Benefits

Author

Listed:
  • Layard, Richard

    (London School of Economics)

  • Clark, Andrew E.

    (Paris School of Economics)

  • De Neve, Jan-Emmanuel

    (University of Oxford)

  • Krekel, Christian

    (London School of Economics)

  • Fancourt, Daisy

    (University College London)

  • Hey, Nancy

    (What Works Centre for Wellbeing)

  • O'Donnell, Gus

    (House of Lords)

Abstract

It is politicians who have to decide when to release the lockdown, and in what way. In doing so, they have to balance many considerations (as with any decision). Often the different considerations appear incommensurable so that only the roughest of judgements can be made. For example, in the case of COVID-19, one has to compare the economic benefits of releasing the lockdown with the social and psychological benefits, and then compare the total of these with the increase in deaths that would result from an early exit. We here propose a way of doing this more systematically.

Suggested Citation

  • Layard, Richard & Clark, Andrew E. & De Neve, Jan-Emmanuel & Krekel, Christian & Fancourt, Daisy & Hey, Nancy & O'Donnell, Gus, 2020. "When to Release the Lockdown? A Wellbeing Framework for Analysing Costs and Benefits," IZA Discussion Papers 13186, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp13186
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    References listed on IDEAS

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    1. 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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    3. Adams-Prassl, Abi & Boneva, Teodora & Golin, Marta & Rauh, Christopher, 2020. "Inequality in the impact of the coronavirus shock: Evidence from real time surveys," Journal of Public Economics, Elsevier, vol. 189(C).
    4. Dolan, Paul & Jenkins, Pinar, 2020. "Estimating the monetary value of the deaths prevented from the UK Covid-19 lockdown when it was decided upon -- and the value of "flattening the curve"," LSE Research Online Documents on Economics 104355, London School of Economics and Political Science, LSE Library.
    5. Adams-Prassl, A. & Boneva, T. & Golin, M & Rauh, C., 2020. "Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the UK," Cambridge Working Papers in Economics 2023, Faculty of Economics, University of Cambridge.
    6. 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.
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    8. 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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    More about this item

    Keywords

    well-being; COVID-19; lockdown;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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