 The Economics of Pandemics as a Globally Shared Experience: A TheoryChapter Chapter 8 in The Economics of Pandemics, 2022, pp 233-281 from Springer Abstract: Abstract The economics of pandemics is elucidated as an optimal transition trajectory of the society in which the three focal points anchor efficient decisions of the society: microbehavioral decisions, foresighted decisions, and backstop technologies. The microbehavioral decision framework enables individual economic agents, individuals, and private businesses, to make efficient decisions. Some of the foresighted decisions made by economic agents turn out to be a long-term risk management strategy for the agents: increased health expenditure, an increase in the adoption of AI-based non-contact technologies, and a choice of a health insurance system. The third component is the economics of a backstop technology which is a high-efficacy vaccine under the pandemics. A highly effective vaccine is practically the only option to end the pandemic at the scale of the COVID-19. The COVID-19 vaccine miracle can be attributed to the economic growth of the society spurred by the new technologies advanced via the private firms’ decisions to efficiently manage their enterprises. Keywords: Pandemics; COVID-19; Microbehavioral decision; Foresight; Backstop technologies; Economic growth; Globally shared goods (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-91021-1_8 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-91021-1_8 Access Statistics for this chapter More chapters in Springer Books from Springer |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.