The human life vs economic loss dilemma: Relation between death rate and the output rate in Europe during the Covid 19 pandemic

Carlo Andrea Bollino

Journal of Policy Modeling, 2023, vol. 45, issue 2, 377-387

Abstract: I analyze the human life-economic loss dilemma (HELD) trade-off between saving lives ad saving economic activities during the emergency period of Covid 19 pandemic. A new concept labeled HELD Curve, not addressed in the literature so far, is proposed to model the inverse non-linear relation between loss of economic activity and death rates during the Covid 19 Pandemic in Europe, due to the lockdown policy. Econometric estimation supports this view offering to policymakers a tool to assess the impact of continuing the lockdown. The HELD curve elasticity implies a trade-off of 218 thousand EURO per saved human life.

Keywords: Human life-economic loss dilemma HELD; Covid-19 pandemic; Economic loss; Human death; Trade-off; EU lockdown (search for similar items in EconPapers)
JEL-codes: C21 C51 E10 E32 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jpolmo:v:45:y:2023:i:2:p:377-387

DOI: 10.1016/j.jpolmod.2023.04.003

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