PD 25 - The Socio-Economics of Pandemics Policy

The immediate policy responses to the outbreak of a pandemic are non-pharmaceutical interventions: social distancing and the lock-down of many economic and social activities. In rich economies, the interventions were flanked with large fiscal support programmes for businesses affected. While these programmes are important to buffer a short-term economic shock, they are inefficient and may even be harmful in the medium- and longer-term. A pandemic is not just a brief shock but it will affect the society and economy for an extended period of time.

Therefore, this session will discuss how economic and social policies must be adapted in order to ensure a functioning economy that serves human purposes first and foremost; and in which social prosperity and health are not just derivatives of economic growth. It will show what is required to recover well from the pandemic and how economic policy can help to be better prepared for future pandemics. It will also discuss implications for emerging and less-developed countries.