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Hiding the elephant: The tragedy of COVID policy and its economist apologists

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  • Gigi Foster
  • Paul Frijters

Abstract

In 2020 and 2021, the world witnessed policies that caused enormous net damage to most countries. We demonstrate the usefulness of the new WELLBY currency in gauging the costs and benefits of COVID policies and review the contributions of Australian economists to the scholarly and public debates about these policies. Our analysis documents the value of what was destroyed, the weak resistance mounted by the Australian economics profession during this period, and the role played by many Australian economists as apologists for what we view as Australia's most catastrophic peacetime economic policy failure. We close with ideas for working towards a better future.

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  • Gigi Foster & Paul Frijters, 2024. "Hiding the elephant: The tragedy of COVID policy and its economist apologists," Australian Economic Papers, Wiley Blackwell, vol. 63(1), pages 106-144, March.
    • Handle: RePEc:bla:ausecp:v:63:y:2024:i:1:p:106-144
    DOI: 10.1111/1467-8454.12293
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    1. Chris Edmond & Richard Holden & Bruce Preston, 2020. "Should We Worry about Government Debt? Thoughts on Australia's COVID‐19 Response," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(4), pages 557-565, December.
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    3. Ferreira,Francisco H. G. & Sterck,Olivier Christian Brigitte & Mahler,Daniel Gerszon & Decerf,Benoit Marie A, 2021. "Death and Destitution : The Global Distribution of Welfare Losses from the COVID-19 Pandemic," Policy Research Working Paper Series 9673, The World Bank.
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    11. Leonora Risse & Angela Jackson, 2021. "A gender lens on the workforce impacts of the COVID-19 pandemic in Australia," Australian Journal of Labour Economics (AJLE), Bankwest Curtin Economics Centre (BCEC), Curtin Business School, vol. 24(2), pages 111-144.
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    Cited by:

    1. Markus Brueckner, 2024. "Introduction to special issue: The economics of catastrophes," Australian Economic Papers, Wiley Blackwell, vol. 63(1), pages 1-4, March.

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    More about this item

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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