Question

Some health officials in the USA have argued that the coronavirus has shown the health care system’s weaknesses in the USA (and in most other countries.) Others claim that the outbreak should be treated as a wake-up call about infectious risks that countries of the world face together. They point that we need to stop fighting wars among ourselves and that the global economy should be structured towards a human-centered, and not a capital-centered? What do you think should be done for preparing & mitigating the impacts of pandemics? Can cost-benefit analysis used to evaluate the impacts of coronavirus?

Answer 1

To prepare, mitigate and remain proactive, while fighting against pandemics like COVID-19, it is important to have global cooperation, sharing of information, mutual trust and a robust supply chain to cater th different types of demand being created in different countries. It helps nations prepare well to limit the losses and win against such pandemics. Hence, it is important to make policies that are based on human values, focussed upon health infrastructure and less importance given to development of those technologies that are destructive in nature. Though, it also requires capitalistic values, as research work requires funding and it should be backed by the incentives and gains. Thus, capitalistic approach is not a problem, rather it is the mutual trust, real time information sharing and a feeling of togetherness that are more significant. For example, nations are willing to buy ventilators by paying higher price, but ventilators are not available in the market as demand is many times more than the supply. Even one country's order is hijacked by another country. So, the problem lies elsewhere than the capital system that can only be solved by initiatives as mentioned above.

Cost-benefit analysis only measures the financial aspects of cost incurred or profit gained. It does not cover the loss of lives, sufferings to many families as they lost those who were earning bread for them, while assessing the impact of COVID-19. Hence, methods that consider social cost and benefits, societal losses as well as change to the environment,  should be used to assess the real impact of coronavirus.