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Economic Analysis and Pandemics

Module description

This module will focus on the economics of pandemics, from the past (e.g. the 1918-19 influenza) to the present (Covid-19) and the future. You will not only learn about traditional economic and public policy approaches to valuing lives, livelihoods and externalities, but also less traditional approaches such as measuring well-being, ethical trade-offs, interactions between ecological and economic systems and how to discount an uncertain future. Although the module focuses mainly on pandemics, its framework can also be applied to the economic analysis of other phenomena such as infectious diseases,nequality and climate change.

Module aims - intentions of the module

This module aims to provide you with an understanding of how economists analyse global social issues that cross sectoral boundaries, with a particular emphasis on public health and infectious diseases. You will be able to separate first-order effects from lower priority considerations, and to apply economic reasoning to difficult problems which raise methodological, political, and normative / philosophical issues. The goal is not to produce a single correct answer to any given question, but to appreciate and be transparent about what data or other inputs are needed and what conclusions are likely to follow from various sets of assumptions or priorities. This will be accomplished through a mix of readings, lectures, tutorial discussions and small-group projects with presentations.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. critically review, analyse and make links between economic and epidemiologic approaches to pandemics;
• 2. explain how economics complements and to some extent incorporates the potential contributions of other disciplines in the context of social welfare and health-related public policy;
• 3. critically review and discuss a range of academic and non-academic papers reflecting on the full set of costs and benefits arising from different interventions or responses to disease outbreaks.

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 4. critically evaluate and formulate a well-founded answer to a specific topical research-related question.

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 5. deliver coherent arguments in written work;
• 6. demonstrate analytical and critical thinking skills;
• 7. work as a team to formulate strategy based on theoretical perspectives and empirical data.

Syllabus plan

• Basics of economics and of infectious disease epidemiology / public health
• Economic analysis of the impact of pandemics and of responses thereto
• Ethical, normative, and policy prioritisation
• Student group presentations

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Indicative learning resources - Basic reading

• Gans, Joshua (forthcoming). Economics in the Age of COVID-19, MIT Press
• van Bergeijk, Peter A.G. (2021). Pandemic Economics, Edward Elgar Publishing
• Rasul, Imran (2020) “The Economics of Viral Outbreaks”, AEA Papers & Proceedings 110: 265-8

Indicative learning resources - Web based and electronic resources

https://vle.exeter.ac.uk/

Indicative learning resources - Other resources

Suggested academic journal and other articles for each topic will be made available on ELE.

Key words search

Epidemics, Economics, Public Health, Public Policy