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Epidemics in modern economies

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  • Heinrich, Torsten

Abstract

How are economies in a modern age impacted by epidemics? In what ways is economic life disrupted? How can pandemics be modeled? What can be done to mitigate and manage the danger? Does the threat of pandemics increase or decrease in the modern world? The Covid-19 pandemic has demonstrated the importance of these questions and the potential of complex systems science to provide answers. This article offers a broad overview of the history of pandemics, of established facts, and of models of infection diffusion, mitigation strategies, and economic impact. The example of the Covid-19 pandemic is used to illustrate the theoretical aspects, but the article also includes considerations concerning other historic epidemics and the danger of more infectious and less controllable outbreaks in the future.

Suggested Citation

  • Heinrich, Torsten, 2021. "Epidemics in modern economies," MPRA Paper 107578, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:107578
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    References listed on IDEAS

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    More about this item

    Keywords

    epidemics and economics; public health; complex systems; SIR models; Agent-based models; mean-field models; Covid-19;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • I10 - Health, Education, and Welfare - - Health - - - General
    • N30 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - General, International, or Comparative

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