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Economic Policy Response to the Pandemic: From COVID-19 Emergency to Economic Democracy

Author

Listed:
  • FitzRoy, Felix

    (University of St. Andrews)

  • Spencer, David

    (University of Leeds)

Abstract

This review of UK economic policy responses to the Covid-19 crisis identifies serious problems with existing measures. We describe alternative policies which could alleviate hardship, protect business from destruction in the growing depression, facilitate recovery with full employment in a Green New Deal, and redistribute income and power with economic democracy in the workplace. Only such policies can ensure high quality work for all, the natural rights of self-determination at work, and equitable sharing of the surplus that is produced by all employees as intentional agents. The proposed reforms are opposed by the strong vested interests which currently hold most power, so mobilising popular support and achieving real change will require a long struggle, just as attaining political democracy a century ago did.

Suggested Citation

  • FitzRoy, Felix & Spencer, David, 2020. "Economic Policy Response to the Pandemic: From COVID-19 Emergency to Economic Democracy," IZA Policy Papers 160, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izapps:pp160
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    References listed on IDEAS

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    1. Giorgos Kallis & Michael Kalush & Hugh O.'Flynn & Jack Rossiter & Nicholas Ashford, 2013. "“Friday off”: Reducing Working Hours in Europe," Sustainability, MDPI, vol. 5(4), pages 1-23, April.
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    3. Andrew E. Clark, 2015. "What makes a good job? Job quality and job satisfaction," IZA World of Labor, Institute of Labor Economics (IZA), pages 215-215, December.
    4. Jack Blundell & Stephen Machin, 2020. "Self-employment in the Covid-19 crisis," CEP Covid-19 Analyses cepcovid-19-003, Centre for Economic Performance, LSE.
    5. Richard Layard & George Ward, 2020. "Can we be happier?," CentrePiece - The magazine for economic performance 568, Centre for Economic Performance, LSE.
    6. Arne L. Kalleberg, 2018. "Job Insecurity and Well-being in Rich Democracies," The Economic and Social Review, Economic and Social Studies, vol. 49(3), pages 241-258.
    7. Alex Bryson & George MacKerron, 2017. "Are You Happy While You Work?," Economic Journal, Royal Economic Society, vol. 127(599), pages 106-125, February.
    8. FitzRoy, Felix & Jin, Jim, 2020. "Reforming Tax and Welfare: Social Justice and Recovery after the Pandemic," IZA Policy Papers 157, Institute of Labor Economics (IZA).
    Full references (including those not matched with items on IDEAS)

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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Politics

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    Cited by:

    1. FitzRoy, Felix & Jin, Jim, 2021. "Some Welfare Economics of Working Time," IZA Discussion Papers 14810, Institute of Labor Economics (IZA).

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    More about this item

    Keywords

    COVID-19; policy response; better recovery; economic democracy;
    All these keywords.

    JEL classification:

    • H - Public Economics
    • J - Labor and Demographic Economics
    • L - Industrial Organization

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    This paper has been announced in the following NEP Reports:

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