A TIP Against the COVID-19 Pandemic

A TIP Against the COVID-19 Pandemic
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Volume/Issue: Volume 2020 Issue 114
Publication date: July 2020
ISBN: 9781513548852
$18.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Public Finance , Demography , WP , production capacity , value chain , false positive , private sector , federal government , pharma company , financial support , State intervention , test kit , testing rate , Early warning systems , Public expenditure review , Global , Industrial policy , growth , manufacturing , epidemic , COVID-19 , coronavirus , containment policy , SIR model

Summary

A universal testing and isolation policy is the most viable way to vanquish a pandemic. Its implementation requires: (i) an epidemiological rather than clinical approach to testing, sacrificing accuracy for scalability, convenience and speed; and (ii) state intervention to ramp up production, similar to True Industrial Policy (TIP), on a global level to achieve a scale and speed the market alone would fail to provide. We sketch a strategy to tackle market failures and implement smart testing, especially in densely populated areas. The estimated cost of testing is dwarfed by its return, mitigating the economic fallout of the pandemic.