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Tradeoffs and Knock-On Effects

In: The Covid-19 Pandemic

Author

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  • Panagiotis Karadimas

Abstract

Apart from failing to tackle the pandemic, lockdowns caused serious side effects. In fact, policy makers did not take into account the fundamental tradeoff between the lives that are threatened by the mitigation measures and the lives that are threatened by the virus and claimed that the tradeoff was between the lives that are threatened by the virus vs. the money that some will lose and the fewer chances for entertainment and social activity. The money lost and the restricted socialization were considered as innocuous outcomes, and they could have been so if they were not linked to reduced lifespan. There are strong theoretical and empirical reasons in support of the proposition that the mitigation measures that were in place, especially the economic shutdown as well as the school closures, reduced the longevity of people that would have hardly died from the virus. The years of life lost (YLL) and the hazard ratios (HRs) help us estimate the consequences of this policy.

Suggested Citation

  • Panagiotis Karadimas, 2023. "Tradeoffs and Knock-On Effects," Studies in Public Choice, in: The Covid-19 Pandemic, chapter 0, pages 71-95, Springer.
    • Handle: RePEc:spr:stpchp:978-3-031-24967-9_4
    DOI: 10.1007/978-3-031-24967-9_4
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