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Hiding the Elephant: The Tragedy of COVID Policy and Its Economist Apologists

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Listed:
  • Foster, Gigi

    (University of New South Wales)

  • Frijters, Paul

    (London School of Economics)

Abstract

In 2020 and 2021, the world witnessed policies that caused enormous net damage to nearly every country. 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 Australia's most catastrophic peacetime economic policy failure. We close with ideas for working towards a better future.

Suggested Citation

  • Foster, Gigi & Frijters, Paul, 2022. "Hiding the Elephant: The Tragedy of COVID Policy and Its Economist Apologists," IZA Discussion Papers 15294, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp15294
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    References listed on IDEAS

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    1. Frijters, Paul & Clark, Andrew E. & Krekel, Christian & Layard, Richard, 2020. "A happy choice: wellbeing as the goal of government," Behavioural Public Policy, Cambridge University Press, vol. 4(2), pages 126-165, July.
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    4. 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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    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

    Keywords

    COVID-19; economics profession; WELLBY; welfare; health policy; Australia;
    All these keywords.

    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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