Pandemic Economics and the Transformation of Health Policy

33 Pages Posted: 1 Feb 2021 Last revised: 16 Apr 2023

See all articles by Xi Chen

Xi Chen

Yale School of Public Health - Department of Health Policy and Management; Yale University - Yale Institution for Social and Policy Studies

Annie Fan

affiliation not provided to SSRN

Abstract

The Coronavirus Disease 2019 (COVID-19) pandemic is bringing about once-in-a-century changes to human society. This article summarizes key characteristics of the COVID-19 pandemic that should be incorporated in economics and health policy analyses. We then review the literature on the importance of public health measures, including taking early, targeted, and coordinated actions, enhancing social safety nets for vulnerable populations, and strengthening public communications. In the long term, addressing misallocation of health resources and improving health governance are critical. Drawing on evidence from past and present epidemics as well as comparing cross-country variations in their responses to the current public health emergency, we navigate long-awaited health reforms in areas that help optimize epidemics response and realign incentives of the major players in the health sector in preparation for the next pandemic.

Keywords: health governance, healthcare reform, pandemic, COVID-19, global health policy

JEL Classification: I18, J24, H12, P41, H51

Suggested Citation

Chen, Xi and Fan, Annie, Pandemic Economics and the Transformation of Health Policy. IZA Discussion Paper No. 14061, Available at SSRN: https://ssrn.com/abstract=3775966 or http://dx.doi.org/10.2139/ssrn.3775966

Xi Chen (Contact Author)

Yale School of Public Health - Department of Health Policy and Management ( email )

60 College St
New Haven, CT 06520
United States

Yale University - Yale Institution for Social and Policy Studies ( email )

77 Prospect Street
New Haven, CT 06520
United States

HOME PAGE: http://isps.yale.edu/team/xi-chen

Annie Fan

affiliation not provided to SSRN

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