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S. Niggol Seo
The Economics of
Pandemics
Exploring Globally
Shared Experiences
The Economics of Pandemics
S. Niggol Seo
The Economics
of Pandemics
Exploring Globally Shared Experiences
S. Niggol Seo
Muaebak Institute of Global Warming Studies
Bangkok, Thailand
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature
Switzerland AG 2022
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All beings tremble at the whip.
All fear death.
All love life.
—Buddha Shakyamuni—
Preface
vii
viii PREFACE
If you have lived through the COVID-19 pandemic in 2020 and 2021,
I believe most of the readers of this book have, then you would certainly
have witnessed that fear, control, and big governmental hands over-
whelmed reason and rationality in nearly all major decisions in those two
years. This book hopes to offer to the readers a lucid exposition of a com-
plex pandemic universe with a calm rational economic mind. For those of
you who have passed through the pandemic as a teenager or a pre-teenager,
this book hopes to offer you a full account of a myriad of tiny and big deci-
sions faced and made by humanity, which is hoped to serve as a reminder
of what really happened in those two years.
Lastly, I would like to express my gratitude to the anonymous reviewers
who offered invaluable comments on the proposal at an early stage of this
book. I owe thanks to Wyndham H. Pain, Ruby Panigrahi, Srishti Gupta,
and other editorial team members at Palgrave Macmillan for their support
and outstanding editorial works in producing this book.
References
Fisher, Irving. 1930. The Theory of Interest. New York, NY: Macmillan.
Keynes, John. M. 1936. The General Theory on Employment, Interest and Money.
London: Palgrave Macmillan.
Samuelson, Paul A. 1947. Foundations of Economic Analysis. Cambridge, MA:
Harvard University Press.
Nordhaus, William D. 1994. Managing the Global Commons. Cambridge, MA:
The MIT Press.
Contents
xi
xii Contents
Index305
About the Author
xiii
List of Figures
xv
xvi List of Figures
Fig. 4.5 Social public health measures versus modes of transmission 127
Fig. 4.6 Effectiveness of mask mandates in US state health outcomes (as
of March 10, 2021) 130
Fig. 4.7 The effects of the US lockdowns on the pandemic spread 134
Fig. 4.8 The relative performance of the lockdown versus the
no-lockdown135
Fig. 4.9 Policy approaches for economic relief 137
Fig. 5.1 Radical social change movements during the COVID-19 156
Fig. 6.1 A hypothesis on the connection between climate change and
pandemics by advocates 183
Fig. 6.2 Annual changes in global CO2 emissions (GtCO2): 1990–2020 186
Fig. 6.3 Reduction in weekly energy demands (Q1, 2020) by
COVID-19 policy regimes 187
Fig. 6.4 Changes in monthly oil demands in 2020 relative to 2019
(mb/day)188
Fig. 6.5 Change in monthly CO2 emissions in 2020 relative to 2019
(GtCO2/month)189
Fig. 6.6 Death tolls from flu and malaria versus coronaviruses (as of the
end of April 2021) 191
Fig. 7.1 The coronavirus entering and killing the healthy cell 203
Fig. 7.2 Creating antibody to fight the coronavirus 204
Fig. 7.3 Four dimensions of vaccine economics 221
Fig. 7.4 The trend after the vaccine shots in the US (total cumulative
cases). (Source: JHU 2020) 225
Fig. 7.5 The trends after the vaccine shots across different vaccination
rates (total cumulative cases). (Source: JHU 2020) 225
Fig. 7.6 Vaccine effects by May 1, 2021: India versus the UK. (Source:
JHU 2020) 226
Fig. 7.7 Fully vaccinated (% of population by August 10, 2021) 227
Fig. 7.8 A trajectory of people vaccinated as percentage of population
(as of September 25, 2021) 228
Fig. 8.1 The number of countries with new infections at each week 236
Fig. 8.2 Economic actors in the pandemic 238
Fig. 8.3 The four fault lines in the pandemic decisions 241
Fig. 8.4 Annual total health expenditure per capita across the countries 252
Fig. 8.5 COVID-19 mortalities by age cohorts (January 1, 2020–
February 20, 2021) 253
Fig. 8.6 COVID-19 mortalities by comorbidities (January 1, 2020–
February 20, 2021) 254
Fig. 8.7 Key comparative statistics of the national health systems 259
List of Figures xvii
Fig. 8.8 The COVID-19 outcomes versus national health systems (as of
February 26, 2021) 260
Fig. 8.9 An illustration of a backstop technology 263
Fig. 9.1 The four hypotheses on the origin of the SARS-CoV-2 287
Fig. 9.2 The five factors that could explain the high damage in the West 291
Fig. 9.3 Remarkable outcomes in Southeast Asia (as of March 7, 2021) 294
Fig. 9.4 The number of COVID-19 mortalities, US 296
Fig. 9.5 Mortality by smallpox versus COVID-19 by age cohorts 297
List of Tables
xix
xx List of Tables
Table 7.6 The lists of WHO priority diseases in 2018 and 2015 (WHO
2018)220
Table 7.7 Vaccine shots given per 100 people by country 224
Table 8.1 The decision array by economic actors during the pandemic 239
Table 9.1 Comparative COVID-19 statistics across nations (as of March
7, 2021) 290
Table 9.2 Death rate from lung diseases in Asia versus the West (WHO
2019)292
CHAPTER 1
At the time when the present author started to write this book in mid-
April 2020, the world was already in the depths of the global pandemic
caused by the novel coronavirus. The disease was named the COVID-19,
short for Corona Virus Disease of 2019, and declared a pandemic by the
World Health Organization (WHO) in the preceding month (WHO
2020a). First reported from Wuhan, China, on the last day of 2019, the
novel coronavirus had quickly spread to Asian neighbors, Europe, and the
US. As of April 2020, over 2.5 million people worldwide were tested posi-
tive and about 180,000 people lost their lives. Many state governments in
the US declared a statewide lockdown since late March and nearly all busi-
nesses in the US were advised or forced to close during April. By the
middle of August 2020, the number of people infected passed 22.3 mil-
lion and the total number of fatalities was near 800,000 worldwide.
Entering November of that year, the third wave of the COVID-19 hit the
world spurred by the winter cold temperature. By the end of January
2021, the number of infections passed 100 million (Fig. 1.1) and the
number of the dead topped 2.2 million (Fig. 1.2) worldwide (JHU 2021).
By early July 2021, the number of the dead was near 4 million worldwide
as the Delta (Indian) variant started to become a dominant strain.
Fig. 1.1 COVID-19 confirmed cases (world, cumulative, as of end January 2021)
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
L’automne ; les feuilles des peupliers sont comme des pièces d’or,
et nos rosiers ne fleurissent plus ; le ciel est pâle, les branches des
saules trempent maintenant dans les ríos dont les eaux grossissent
et se troublent, mais l’air est si doux, le soleil si clément, et la
tiédeur des soirs si caressante que nous prolongeons notre séjour
presque jusqu’au départ de Georges et de Marthe. Les heures de
cette saison divine me paraissent trop courtes, j’en goûte la douceur
attendrie avec le chagrin de les voir s’écouler.
Le printemps est souvent pluvieux ici, l’été quelquefois est
torride, et l’hiver frissonne de temps en temps au souffle du
pampero, mais l’automne est la saison sans rivale, elle n’a pas la
mélancolie de l’automne d’Europe, et l’année solaire meurt sans
laisser soupçonner que la mort appelle la corruption…
Il faut rentrer pourtant… Nous faisons une dernière promenade,
et nous disons au revoir aux beaux arbres, à l’eau tranquille et à nos
souvenirs…
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
La voiture nous emporte tous les cinq vers le port, car Mamita a
tenu à venir accompagner ses neveux d’adoption : c’est une
coutume à laquelle on ne se dérobe jamais à Buenos-Aires. Comme
les paquebots sont à quai dans l’immense bassin, les amis et les
parents des passagers restent avec eux jusqu’à la dernière minute…
Dans les troisièmes classes, on chante : ce sont des Italiens qui
retournent dans leur patrie, après avoir travaillé aux champs
pendant les récoltes. Ils ont gagné de quoi faire vivre leur famille
une année, et ils reviendront dès qu’ils auront besoin d’argent, pour
s’en aller encore, jusqu’au jour où la femme et les enfants se
décideront à les accompagner, et s’installeront avec eux pour
toujours sur la terre libre et féconde qui les enrichira. Une foule
pressée a envahi les ponts, les salons, les corridors, la salle à
manger… On apporte des fleurs, des bonbons, des cadeaux, on
pleure, on rit, on promet, on refuse, des affaires s’ébauchent ou se
concluent pendant qu’on boit le traditionnel champagne des adieux,
c’est une confusion, un brouhaha étourdissants ! Des enfants se
faufilent entre les jambes, s’égarent, se retrouvent, un pick-pocket
est emmené discrètement, les officiers sont débordés, le
commandant se cache, on cherche une valise égarée… et, tout à
coup, la cloche sonne… il faut s’en aller…
Comme les autres visiteurs, je descends par la passerelle en me
retournant cent fois ; comme les autres, je me tamponne les yeux
avec mon mouchoir ; comme les autres, je me promets de me
sauver avant que le navire s’écarte du quai… et comme les autres, je
reste pour le voir partir !
C’est affreusement long, ce départ, cet arrachement… Je vois
Marthe, les bras chargés de fleurs, et Georges écrasé de paquets
apportés par des amis au dernier moment ; ils s’appuient contre le
bastingage et me sourient les yeux humides…
— A bientôt !… crie Marthe d’une voix déjà lointaine…
— A bientôt !… répond Pío, car la voix me manque, et mon cher
mari a senti de quelle émotion je suis bouleversée…
Le bateau est sorti du port, et laissant Mamita rentrer avec la
voiture, nous revenons à pied par les rues d’un Buenos-Aires matinal
et grouillant que je ne connaissais pas encore et dont les mille bruits
me distraient de mon chagrin. Les petits vendeurs de journaux
bondissent sur les plates-formes des tramways en marché en criant :
La Prensa !… La Nacion !… La Argentina… d’une voix perçante ; les
marchands de marée offrent avec une espèce de chant de gros
poissons irisés et des crevettes roses énormes qui débordent des
corbeilles équilibrées par une perche sur leur épaule, le marchand de
pommes de terre, le marchand de salades, s’égosillent en traînant
leurs charrettes à bras… des gamins joufflus appellent de toutes
leurs forces « l’empanadero » et trépignent de leurs petits pieds nus,
lorsqu’il leur apporte, dans son panier couvert, les pâtés dorés pleins
de viande ou de légumes, en hurlant : Empanadas !… Empanadas !…
Des Turcs proposent d’un ton plaintif des savons, des miroirs, des
tire-bouchons et des foulards qu’ils promènent sur des tréteaux… De
robustes commères, en robe flottante, discutent bruyamment autour
d’une voiturette de fleurs…
Nous approchons de chez nous, mes yeux se brouillent encore de
larmes :
— Soyez raisonnable, ma chérie, me dit mon mari en pressant
mon bras sous le sien, et ne pleurez plus. Vous savez bien que s’ils
ne revenaient pas, nous irions les chercher, et que, lorsqu’ils s’en
retourneront la prochaine fois, nous partirons avec eux… Avez-vous
peur de la vie à mes côtés ? Regrettez-vous de me rendre heureux ?
Je levai les yeux pour rencontrer le regard de Pío :
— « Ton pays sera mon pays… ta maison sera ma maison… »
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
La foule s’est rangée sans un cri, sans une querelle, recueillie et
attentive, et dans l’air frais du matin, dans la limpidité de ce beau
jour d’hiver, s’unissent des voix pures, nettes, aiguës. L’hymne
patriotique monte vers le ciel clair, et les petits visages se lèvent vers
l’effigie du héros, tout enflammés d’ardeur et d’amour…
Mamita pleure d’émotion, et je sens ma gorge se serrer, quand
un des plus petits enfants vient déposer une palme dorée sur le
socle de bronze…
Un homme parle au pied de la statue, nous distinguons chaque
mot. Il dit la vie de San-Martin, cette vie d’héroïsme et de misère, et
l’admirable élan de celui qui « donna des ailes aux canons », en leur
faisant passer l’Ande infranchissable : il dit aussi ce que fut l’épouse
de ce soldat sans pair, la douce compagne aux boucles brunes, dont
le cœur menaçait de se briser à chaque bataille, et qui masquait ses
angoisses par des sourires ; il évoque Fray Beltrán, le moine guerrier,
qui s’improvisa fondeur et fit des pièces d’artillerie avec les cloches
des couvents, les dames de Mendoza, donnant leurs bijoux et leur
argenterie pour payer la nourriture des soldats, et gâtant leurs belles
mains à coudre de rudes vêtements, les Puyrredon, les Brandzen, les
Lavalle, tous… tous… l’un d’eux était Français, dit-il…
Je tressaille d’orgueil… là où on se bat pour une juste cause, n’y
a-t-il pas toujours au moins un Français ?
La cérémonie est finie, la voix virile qui vient d’exalter l’amour de
la patrie en paroles brûlantes s’est tue.
La place est vide… mais le socle de la statue disparaît sous les
fleurs…
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
FIN
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