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The Economics of Pandemics as a Globally Shared Experience: A Theory

In: The Economics of Pandemics

Author

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  • S. Niggol Seo

    (Muaebak Institute of Global Warming Studies)

Abstract

The economics of pandemics is elucidated as an optimal transition trajectory of the society in which the three focal points anchor efficient decisions of the society: microbehavioral decisions, foresighted decisions, and backstop technologies. The microbehavioral decision framework enables individual economic agents, individuals, and private businesses, to make efficient decisions. Some of the foresighted decisions made by economic agents turn out to be a long-term risk management strategy for the agents: increased health expenditure, an increase in the adoption of AI-based non-contact technologies, and a choice of a health insurance system. The third component is the economics of a backstop technology which is a high-efficacy vaccine under the pandemics. A highly effective vaccine is practically the only option to end the pandemic at the scale of the COVID-19. The COVID-19 vaccine miracle can be attributed to the economic growth of the society spurred by the new technologies advanced via the private firms’ decisions to efficiently manage their enterprises.

Suggested Citation

  • S. Niggol Seo, 2022. "The Economics of Pandemics as a Globally Shared Experience: A Theory," Springer Books, in: The Economics of Pandemics, chapter 0, pages 233-281, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91021-1_8
    DOI: 10.1007/978-3-030-91021-1_8
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