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Pandemic Economics: Essential Features and Outstanding Questions

In: The Economics of Pandemics

Author

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  • S. Niggol Seo

    (Muaebak Institute of Global Warming Studies)

Abstract

This chapter provides a review of the economic theories, models, and statistics that are pertinent to the economic study of pandemics as a globally shared experience. A worldwide pandemic is a public good whose experience is globally shared. In providing a public good, its production technology should be heeded to, of which there are three in the context of pandemics: weakest link, best shot, and cumulative. A governmental intervention in pandemic preparedness and prevention may be formulated based on the annual expected cost of an infectious disease, incorporating the expected number of fatalities from the disease. The preparedness of a nation seems to depend on the choice of a national health insurance system, for which this chapter compares three distinct health systems. The impacts of the pandemic on the economy are often measured by changes in the unemployment rate and the economic production while sectoral changes may turn out important. Policy choices pursued by the government critically determine the health and economic outcomes of the pandemic. A lockdown-lockdown strategy, which is the most precautionary option, seems to perform the worst in both indicators.

Suggested Citation

  • S. Niggol Seo, 2022. "Pandemic Economics: Essential Features and Outstanding Questions," Springer Books, in: The Economics of Pandemics, chapter 0, pages 45-84, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91021-1_2
    DOI: 10.1007/978-3-030-91021-1_2
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