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A Literature Review of Pandemics and Development: the Long-Term Perspective
Pandemics have been a long-standing object of study by economists, albeit with declining interest, that is until COVID-19 arrived. We review current knowledge on the pandemics’ effects on long-term economic development, spanning economic and historical debates. We show that all economic inputs are p...
Autores principales: | , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer International Publishing
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8794226/ https://www.ncbi.nlm.nih.gov/pubmed/35106436 http://dx.doi.org/10.1007/s41885-022-00106-w |
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author | Callegari, Beniamino Feder, Christophe |
author_facet | Callegari, Beniamino Feder, Christophe |
author_sort | Callegari, Beniamino |
collection | PubMed |
description | Pandemics have been a long-standing object of study by economists, albeit with declining interest, that is until COVID-19 arrived. We review current knowledge on the pandemics’ effects on long-term economic development, spanning economic and historical debates. We show that all economic inputs are potentially affected. Pandemics reduce the workforce and human capital, have mixed effects on investment and savings, but potentially positive consequences for innovation and knowledge development, depending on accompanying institutional change. In the absence of an innovative response supporting income redistribution, pandemics tend to increase income inequalities, worsening poverty traps and highlighting the distributional issues built into insurance-based health insurance systems. We find that the effects of pandemics are asymmetric over time, in space, and among sectors and households. Therefore, we suggest that the research focus on the theoretical plausibility and empirical significance of specific mechanisms should be complemented by meta-analytic efforts aimed at reconstructing the resulting complexity. Finally, we suggest that policymakers prioritize the development of organizational learning and innovative capabilities, focusing on the ability to adapt to emergencies rather than developing rigid protocols or mimicking solutions developed and implemented in different contexts. |
format | Online Article Text |
id | pubmed-8794226 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | Springer International Publishing |
record_format | MEDLINE/PubMed |
spelling | pubmed-87942262022-01-28 A Literature Review of Pandemics and Development: the Long-Term Perspective Callegari, Beniamino Feder, Christophe Econ Disaster Clim Chang Original Paper Pandemics have been a long-standing object of study by economists, albeit with declining interest, that is until COVID-19 arrived. We review current knowledge on the pandemics’ effects on long-term economic development, spanning economic and historical debates. We show that all economic inputs are potentially affected. Pandemics reduce the workforce and human capital, have mixed effects on investment and savings, but potentially positive consequences for innovation and knowledge development, depending on accompanying institutional change. In the absence of an innovative response supporting income redistribution, pandemics tend to increase income inequalities, worsening poverty traps and highlighting the distributional issues built into insurance-based health insurance systems. We find that the effects of pandemics are asymmetric over time, in space, and among sectors and households. Therefore, we suggest that the research focus on the theoretical plausibility and empirical significance of specific mechanisms should be complemented by meta-analytic efforts aimed at reconstructing the resulting complexity. Finally, we suggest that policymakers prioritize the development of organizational learning and innovative capabilities, focusing on the ability to adapt to emergencies rather than developing rigid protocols or mimicking solutions developed and implemented in different contexts. Springer International Publishing 2022-01-27 2022 /pmc/articles/PMC8794226/ /pubmed/35106436 http://dx.doi.org/10.1007/s41885-022-00106-w Text en © The Author(s), under exclusive licence to Springer Nature Switzerland AG 2022 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Original Paper Callegari, Beniamino Feder, Christophe A Literature Review of Pandemics and Development: the Long-Term Perspective |
title | A Literature Review of Pandemics and Development: the Long-Term Perspective |
title_full | A Literature Review of Pandemics and Development: the Long-Term Perspective |
title_fullStr | A Literature Review of Pandemics and Development: the Long-Term Perspective |
title_full_unstemmed | A Literature Review of Pandemics and Development: the Long-Term Perspective |
title_short | A Literature Review of Pandemics and Development: the Long-Term Perspective |
title_sort | literature review of pandemics and development: the long-term perspective |
topic | Original Paper |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8794226/ https://www.ncbi.nlm.nih.gov/pubmed/35106436 http://dx.doi.org/10.1007/s41885-022-00106-w |
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