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The Covid-19/SARS CoV-2 pandemic outbreak and the risk of institutional failures

Marcello Basili () and Antonio Nicita ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: The new coronavirus CoVid-19 (SARS Cov-2) pandemic outbreak all around theWorld puts in evidence how institutional failures may end up in a catastrophic event. The precautionary principle (PP) has been proposed as the proper guide for the decision-making criteria to be adopted in the face of the new catastrophic risks that have arisen in the decades of this century. Unfortunately the political institutions at the national and supranational level, such as the European Union Commission, seem having neglected it opening the scenario of a lethal global pandemic that could cause millions of deaths, principally elderlies with chronic diseases, based on early evidence in China and Italy. According to scientists and health authorities human beings are facing the high probable nightmare of a very aggressive and mortal pandemy, worst than the Spanish flu (1918-1919) the most famous reconbined avian flu killed millions, without targeted therapeutics for treatment and vaccines.

JEL-codes: D81 (search for similar items in EconPapers)
Date: 2020-03
New Economics Papers: this item is included in nep-cna, nep-hea and nep-his
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