Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/227152 
Year of Publication: 
2020
Series/Report no.: 
IZA Discussion Papers No. 13625
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late 20th century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we sketch a general theoretical framework to evaluate the tradeoffs policymakers must consider when addressing infectious diseases and their macroeconomic repercussions. In so doing, we emphasize the dependence of economic consequences on (i) disease characteristics; (ii) inequalities among individuals in terms of susceptibility, preferences, and income; and (iii) cross-country heterogeneities in terms of their institutional and macroeconomic environments. Third, we study pharmaceutical and nonpharmaceutical policies aimed at mitigating and preventing infectious diseases and their macroeconomic repercussions. Fourth, we discuss the health toll and economic impacts of five infectious diseases: HIV/AIDS, malaria, tuberculosis, influenza, and COVID-19. Although major epidemics and pandemics can take an enormous human toll and impose a staggering economic burden, early and targeted health and economic policy interventions can often mitigate both to a substantial degree.
Subjects: 
inequality
pandemics
epidemics
COVID-19
HIV/AIDS
malaria
tuberculosis
influenza
infectious disease
economic burden of disease
economic growth
health
economic epidemiology
SIR Model
general equilibrium macroeconomic models
welfare
human capital
health policy
JEL: 
D15
D58
E10
E20
I12
I15
I18
I31
O40
Document Type: 
Working Paper

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