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Hiding the elephant: the tragedy of COVID policy and its economist apologists

Foster, Gigi and Frijters, Paul (2024) Hiding the elephant: the tragedy of COVID policy and its economist apologists. Australian Economic Papers, 63 (1). 106 - 144. ISSN 0004-900X

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Identification Number: 10.1111/1467-8454.12293

Abstract

In 2020 and 2021, the world witnessed policies that caused enormous net damage to most countries. We demonstrate the usefulness of the new WELLBY currency in gauging the costs and benefits of COVID policies and review the contributions of Australian economists to the scholarly and public debates about these policies. Our analysis documents the value of what was destroyed, the weak resistance mounted by the Australian economics profession during this period, and the role played by many Australian economists as apologists for what we view as Australia's most catastrophic peacetime economic policy failure. We close with ideas for working towards a better future.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/14678454
Additional Information: © 2024 The Authors
Divisions: Social Policy
Subjects: R Medicine > RA Public aspects of medicine > RA0421 Public health. Hygiene. Preventive Medicine
H Social Sciences > HC Economic History and Conditions
H Social Sciences > HV Social pathology. Social and public welfare. Criminology
JEL classification: I - Health, Education, and Welfare > I3 - Welfare and Poverty > I31 - General Welfare; Basic Needs; Living Standards; Quality of Life; Happiness
I - Health, Education, and Welfare > I3 - Welfare and Poverty > I38 - Government Policy; Provision and Effects of Welfare Programs
A - General Economics and Teaching > A1 - General Economics > A11 - Role of Economics; Role of Economists; Market for Economists
Date Deposited: 14 Mar 2024 16:45
Last Modified: 12 Jun 2024 21:27
URI: http://eprints.lse.ac.uk/id/eprint/122384

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