Economists and COVID-19: Ideas, Theories and Policies During the Pandemic

Description

​This book examines and classifies different reactions to the COVID-19 pandemic from economists across the world. With the impacts of the pandemic experienced differently in each country, specific case studies are provided to highlight how the economics profession has responded to the challenges that have emerged from COVID-19. Key debates, such as the trade-off between health protective measures and the economic impacts of closing important sectors, are discussed, with a focus on the responses in China, the USA, Italy, France, Russia, Argentina, Brazil, India, and Palestine. This book explores the ability of economists to respond to economic and social crises, and provides insight into the ties between economic theory and economic policy in the modern world. It will be relevant to students and researchers interested in how economists have responded to the COVID-19 and what changes it might trigger. Contents Notes on Contributors List of Figures List of Tables 1 Introduction 1.1 Introduction 2 China: Interpreting the Economic Impact of the COVID-19 Pandemic in the Context of National Goals 2.1 Reform Policy and Chinese Economists 2.2 Economic Research During the Fight Against the Epidemic 2.3 Main Fields of COVID-Related Economic Research 2.4 Economists and Political Leadership 2.5 Discussions on ‘Post-Epidemic’ Economic Strategy 2.6 Conclusion References 3 COVID-19 and The Indian Economy: The Debate About a Wage-Led Recovery 3.1 Introduction 3.2 An Overview of the Economy and the Workforce 3.3 The Political Economy in India and Indian Economists Under the United Progressive Alliance Government: 2004–2014 With the Bharatiya Janata Party at the Helm 3.4 The Case for Wage-Led Economic Growth in India Theoretical View Arguments in Favour of Low Wages Investment, Credit and Other Growth Constraints 3.5 Measures to Tackle the Pandemic Weakening the Workforce in Response to the Pandemic Kerala’s Experience 3.6 Concluding Remarks References 4 Palestine: The Pandemic Between Occupation and Neoliberalism 4.1 Introduction 4.2 Palestinian Economic Thought from Liberation to a Distorted Neoliberal Economy The Economic Debate in Palestine 4.3 Palestine’s Response to COVID-19 4.4 Concluding Remarks References 5 Economic Policy Debates in France Since COVID-19: A Lasting Shift in Macron’s Doctrine? 5.1 Introduction 5.2 French Economic, Political and Social Policies Before Macron Macron’s Doctrine 5.3 The COVID-19 Pandemic: Health, Lockdowns and the Economic Situation The COVID-19 Pandemic France’s Emergency Plan 5.4 Rupture or Continuity After COVID-19? Economic Evaluation of Post-COVID-19 Policies and Strategies The Mainstream Approach to Economic Challenges in France The Heterodox Approach to Economic Challenges in France 5.5 Concluding Remarks References 6 COVID-19 and Russia 6.1 Introduction 6.2 The Spread of COVID-19, and the Restrictions Brought In 6.3 Russia’s Economy Before and During the Initial Stage of the Pandemic 6.4 Russia’s Economic Profession and COVID-19 The Situation in the Economic Profession Reactions to the Crisis in Theoretical and Empirical Studies Policy Proposals ‘In-System Liberals’ Post-Soviet Academic Establishment ‘Outside-The-System Liberals’ Ultra-Conservatives 6.5 Conclusions References 7 The Economy at the Time of COVID-19: Theoretical and Political Debates in the USA 7.1 Introduction 7.2 The Economy Before and During the Pandemic 7.3 Bibliometric Study and Source Selection 7.4 Impacts of the COVID-19 Crisis on the US Economy US Fiscal Policy During the COVID-19 Crisis US Monetary Policy During the COVID-19 Crisis The US Labour Market and Inequality During the COVID-19 Crisis 7.5 Concluding Remarks References 8 Economists and COVID-19: The Case of Argentina 8.1 Introduction 8.2 Macroeconomic Background 8.3 The Policy Response to COVID-19 8.4 Reception, Assessments and Debates on COVID-19 Policies Debates on Non-pharmaceutical Interventions The Fiscal Policy Response: Excessive or Not Enough? Active Monetary Policy Under Dollar Shortage 8.5 Concluding Remarks References 9 Economic Policy and Economic Research in Brazil During the Pandemic 9.1 Introduction 9.2 Economists in Policy-Making Before the Pandemic 9.3 The Pandemic Crisis and Economic Debate 9.4 The Pandemic Crisis and Economic Research 9.5 Final Remarks Appendix References Index