Economics of Pandemics and Extreme Events

ECTS : 6

Description du contenu de l'enseignement :

Course description and objectives
Policymakers, economists and individuals too often rely on simple analytical frameworks to analyze and forecast key dimensions of human life, where averages and likely outcomes prevail. Yet the world is increasingly characterized by extreme events that require a better understanding of their occurrence and of their economic and social implications.
From the financial crisis of 2008 that destroyed assets and jobs for millions of people across the globe; to climate-change related extreme events such as heatwaves, mega-storms and rising sea levels; and most recently to the COVID-19 pandemic which has dramatically changed our everyday life, economic policies need to incorporate and plan ahead for these extreme events using appropriate tools and responses.
This course focuses on the COVID-19 pandemic to explore how an unprecedented crisis of this magnitude has impacted the global economy. The course highlights the major macro-economic implications of this global health crisis using common economic modeling frameworks, and analyzes the fiscal, monetary and global aid responses to the pandemic. The course also explores how the pandemic has exacerbated poverty and widened inequalities, especially income and gender inequality, and examines the impacts of COVID-19 on the labor market and the future of jobs. A special focus is given to the health economics of the pandemics and the economics of vaccines production and distribution. The course concludes with potential economic lessons to be learned from the pandemic to tackle the forthcoming risks, namely increased global conflicts and the climate crisis.

Course Structure

1. Understanding the risks of pandemics and extreme events
2. Macro-economics of the COVID-19 pandemic – Part I
3. Macro-economics of the COVID-19 pandemic – Part II
4. Economic policy responses to the pandemic
5. Impact of the pandemic on poverty, informality and inequality
6. COVID-19 and the future of work
7. Group presentations and discussion
8. Group presentations and discussion
9. Health economics of the pandemic
10. The economics of vaccines development and vaccination programs
11. Mitigating the next major risks: From pandemics to the climate crisis
12. Final Exam

Compétence à acquérir :

Learning outcomes

• Understand the common properties of extreme events and tail risks and their implications on economic outcomes.
• Use economic frameworks to explain the consequences of the global health crisis on major economic outcomes.
• Identify the main economic policy tools implemented facing the pandemic.
• Understand the common measurements of poverty and inequality and their evolution.
• Analyze the economics of health policies designed to expand health coverage and access to healthcare during pandemics.
• Understand the tradeoffs involved in manufacturing and distributing vaccines from an economic perspective.

Mode de contrôle des connaissances :

Assignments and grading
Group presentations (50%) + final exam (50%)
The numerical grade distribution will dictate the final grade. The passing grade for a course is 10/20.
 
Class participation: Active class participation – this is what makes classes lively and instructive. Come on time and prepared. Class participation is based on quality of comments, not quantity.
Exam policy: In the exam, students will not be allowed to bring any document (except if allowed by the lecturer). Unexcused absences from exams or failure to submit cases will result in zero grades in the calculation of numerical averages. Exams are collected at the end of examination periods.

Academic integrity
Be aware of the rules in Université Paris Dauphine about plagiarism and cheating during exams. All work turned in for this course must be your own work, or that of your own group. Working as part of a group implies that you are an active participant and fully contributed to the output produced by that group.
 

Bibliographie, lectures recommandées :

Bibliography
Reading list and documents will be posted online on My Course, as well as course presentations. No specific textbook is required.

Lecturer’s biography
Jad Chaaban holds a PhD in Economics from the Toulouse School of Economics, in addition to a Master’s in Environmental and Natural Resources Economics from the same university, and an MBA from ESCP Business School. He previously held research and visiting positions at the Toulouse School of Economics, the London School of Economics and the World Bank. His primary research interests are in development economics and industrial organization, and his extended interests include public economics of health, education and labour policies. His work focuses mostly on using tools in micro and applied economics to tackle public policy issues that affect the lives of the most vulnerable groups in society. His interdisciplinary work has been published in several academic journals in disciplines including Economics, Area Studies, Demography, Agricultural Policy and Public Health. Dr. Chaaban regularly contributes to economic policy analysis on Middle Eastern and global development issues to various international institutions and UN agencies, and his research and advocacy work has often been featured in international media. In 2014-2015 he served as the Lead Author of the United Nations Development Programme (UNDP) Arab Human Development Report 2016, and in 2018 as a member of the Advisory Board of UNDP’s Global Human Development Report (HDR).    

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