Taking tough measures to keep the most vulnerable alive in the age of COVID-19 has a huge benefit for society: $8 trillion according to economists a the University of Chicago
“When you compare something in monetary terms and non-monetary terms,” he says, “the side of the debate that’s in monetary terms has a big advantage. So the reduction of the stock market, the increase in employment, the reduction in GDP — all those are clear and measurable. And we felt like there was a need to be able to put the benefits of social distancing in the same units in order to have a full conversation.
to “slow the spread.” Many states have gone significantly further, with orders in place for residents to stay at home.from Imperial College in London, whose warnings of millions of COVID-19 deaths lit a fire under policymakers in both the United States and the U.K. to implement social-distancing practices.
The University of Chicago model focuses on the financial value of the lives that can be saved. To calculate this figure, the economists lean on a federal figure called the “value of a statistical life” that government agencies routinely use in weighing the costs and benefits of policy changes, like raising the speed limit on the highways or imposing new restrictions for environmental pollutants.
The current value used by the federal government is about $11 million per person. And if the government were doing this modeling, it would use that figure for every life saved, regardless of age. Under those conditions, saving 1.76 million lives amounts to more than $20 trillion — or nearly a full year of the gross domestic product of the United States.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia PM says social distancing helping to slow coronavirus spreadAustralia's rate of the spread of the novel coronavirus has halved in recent days, Prime Minister Scott Morrison said on Sunday as he announced an additional A$1.1 billion ($680 million) to expand telemedicine care and other health services.
Read more »
The Best Recipes, Apps And Other Life-Saving Hacks We Tried This WeekOur editors share what's keeping them calm, productive and entertained during coronavirus social distancing.
Read more »
Trump now urging U.S. to hunker down through AprilNEW: President Donald Trump announced that he is extending the social distancing guidelines through April 30 in an effort to slow the spread of coronavirus
Read more »
'Social Distancing' Trademark Applications SurgePeople looking to cash in on the coronavirus pandemic are racing to trademark 'social distancing.'
Read more »
As Coronavirus Infections Slow, South Korea Plans for Life After Social DistancingSouth Korea is preparing to ease restrictions and kick-start a lengthy return to normalcy, as the rate of new coronavirus infections slows.
Read more »
Trump: Coronavirus guidelines, set to expire Tuesday, will be extended to April 30“The peak in death rate is likely to hit in two weeks,” Trump said. “Nothing would be worse than declaring victory before the victory is won.”
Read more »