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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. Tom Kompas & R Quentin Grafton & Tuong Nhu Che & Long Chu & James Camac, 2021. "Health and economic costs of early and delayed suppression and the unmitigated spread of COVID-19: The case of Australia," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-18, June.
    2. 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. Gordon B Dahl & Christina Felfe & Paul Frijters & Helmut Rainer, 2022. "Caught between Cultures: Unintended Consequences of Improving Opportunity for Immigrant Girls," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2491-2528.
    5. 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.
    6. Christian A. Nygaard & Sharon Parkinson, 2021. "Analysing the impact of COVID‐19 on urban transitions and urban‐regional dynamics in Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 65(4), pages 878-899, October.
    7. 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.
    8. Frijters,Paul, 2013. "An Economic Theory of Greed, Love, Groups, and Networks," Cambridge Books, Cambridge University Press, number 9781107026278, January.
    9. Erik Lindqvist & Robert Östling & David Cesarini, 2020. "Long-Run Effects of Lottery Wealth on Psychological Well-Being," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(6), pages 2703-2726.
    10. Joan Ballester & Jean-Marie Robine & François R. Herrmann & Xavier Rodó, 2019. "Effect of the Great Recession on regional mortality trends in Europe," Nature Communications, Nature, vol. 10(1), pages 1-9, December.
    11. Oswald, Andrew J. & Powdthavee, Nattavudh, 2020. "The Case for Releasing the Young from Lockdown: A Briefing Paper for Policymakers," IZA Discussion Papers 13113, Institute of Labor Economics (IZA).
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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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