There is a new free ebook available on the economics of current pandemics that was finished on March 5h. These are the contents:
Introduction: Richard Baldwin and Beatrice Weder di Mauro
1 Macroeconomics of the fluFrom Joachim Voth chapter:
Beatrice Weder di Mauro
2 Tackling the fallout from COVID-19
Laurence Boone
3 The economic impact of COVID-19
Warwick McKibbin and Roshen Fernando
4 Novel coronavirus hurts the Middle East and North Africa through many channels
Rabah Arezki and Ha Nguyen
5 Thinking ahead about the trade impact of COVID-19
Richard Baldwin and Eiichi Tomiura
6 Finance in the times of coronavirus
Thorsten Beck
7 Contagion: Bank runs and COVID-19
Stephen G. Cecchetti and Kermit L. Schoenholtz
8 Real and financial lenses to assess the economic consequences of COVID-19
Catherine L. Mann
9 As coronavirus spreads, can the EU afford to close its borders?
Raffaella Meninno and Guntram Wolff
10 Trade and travel in the time of epidemics
Joachim Voth
11 On plague in a time of Ebola
Cormac O Grada
12 Coronavirus monetary policy
John H. Cochrane
13 The economic effects of a pandemic
Simon Wren-Lewis
14 The good thing about coronavirus
Charles Wyplosz
First, is a massive restriction of mobility desirable? And second, is it feasible at all? An economically rational answer to the first question should begin with the value of a human life. With all the reservations that one can have against such calculations from a philosophical point of view, cost-benefit considerations without numbers for the value of a human life are not feasible. However, estimates regularly show an enormous range; the average is around US$10 million per person (Viscusi and Masterman 2017). This means that even before the epidemic has peaked, COVID-19 caused an immediate cost of $26 billion in deaths. If the epidemic ends with a maximum of 10,000 deaths (four times the current value), the value of life destroyed would be approximately $100 billion.Up to now,this is the only chapter I've read from these promising book.
The costs must be compared with the enormous gains in economic performance that the free exchange of goods and people has made possible. In China alone, hundreds of millions of people have escaped deepest poverty during the past 20 years. In 1980, more than half of the Chinese population lived on less than $2 a day; in 1998, it was less than a quarter (Sala-i-Martin 2006). Around the world, people have escaped the poverty trap wherever the free movement of goods and people has become possible. And richer regions also benefit massively, often in surprising ways.
