Starjournal Quotation Bloom, David, Kuhn, Michael, Prettner, Klaus. 2022. Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses. Journal of Economic Literature. 60 85-131.


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Abstract

We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late twentieth 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 trade-offs policy makers 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.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Economic Literature
Citation Index SSCI
WU Journalrating 2009 A+
Starjournal Y
Language English
Title Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses
Volume 60
Year 2022
Page from 85
Page to 131
Reviewed? Y
URL https://www.aeaweb.org/articles?id=10.1257/jel.20201642
DOI http://dx.doi.org/10.1257/jel.20201642
Open Access N

Associations

People
Prettner, Klaus (Details)
External
Bloom, David (Harvard T.H. Chan Schoon of Public Health, United States/USA)
Kuhn, Michael (IIASA, Austria)
Organization
Economics of Inequality FI (Details)
Department of Economics (Prettner) (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
3911 Economics of the health system (Details)
5343 Economic theory (Details)
5371 Macroeconomics (Details)
5404 Demography (Details)
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