The CoVid-19 pandemic outbreak: The precautionary principle and institutional failures

Marcello Basili

Mercato Concorrenza Regole, 2019, issue 3, 475-483

Abstract: The new coronavirus CoVid-19 (Sars CoV-2) pandemic outbreak all around the World puts in evidence how institutional failures may end up in catastrophic events. The precautionary principle (Pp) has been proposed as the proper guide for the decisionmaking criteria to be adopted in the face of the ambiguous and vague catastrophic risks. Unfortunately and unforgettable the political institutions at the national and supranational level, such as the European Union Commission, had disregarded its application opening the scenario of a very aggressive and mortal pandemic disease without targeted therapeutics for treatment and vaccines. Health, social, economic and political consequences of CoVid-19 pandemic are difficult to predict but they appear tragic also because it could not run out this year.

Keywords: Precautionary principle; Uncertainty, Pandemic disease; Institutional failure; Black swan. (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:mul:jhpfyn:doi:10.1434/96689:y:2019:i:3:p:475-483

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