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In search of an optimal public policy in a pandemic: The question of lives versus livelihood

Author

Listed:
  • Gopal K. Basak

    (Theoretical Statistics and Mathematics Unit, Indian Statistical Institute, Kolkata, India)

  • Chandramauli Chakraborty

    (Indian Statistical Institute, Kolkata, India)

  • Pranab Kumar Das

    (Centre for Studies in Social Sciences Calcutta, Kolkata, India)

Abstract

The paper addresses the alternative policy options available to address the question of lives versus livelihood in an SIRD model augmented with a macroeconomic structure. An important contribution of the paper lies in designing the policy of lockdown dependent on the extent of the constraint on the health facilities. The paper supplements the literature with a less stringent version of the lockdown policy, viz. soft lockdown policy which is shown to be more attractive from a public policy standpoint and has actually been practised in many countries across the globe during the recent pandemic. Finally, the optimal policy derived on the basis of the level of lockdown and adjustment of the binding constraint on health facilities depends on the objective of policy makers contingent on the relative weights of lives versus livelihood.

Suggested Citation

  • Gopal K. Basak & Chandramauli Chakraborty & Pranab Kumar Das, 2024. "In search of an optimal public policy in a pandemic: The question of lives versus livelihood," Journal of Economic Analysis, Anser Press, vol. 3(4), pages 23-48, December.
  • Handle: RePEc:bba:j00001:v:3:y:2024:i:4:p:23-48:d:237
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    References listed on IDEAS

    as
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