Hiding the elephant: The tragedy of COVID policy and its economist apologists

Author:

Foster Gigi1ORCID,Frijters Paul23

Affiliation:

1. School of Economics University of New South Wales Sydney New South Wales Australia

2. Department of Social Policy London School of Economics London UK

3. MBS College Saudi Arabia King Abdullah Economic City Saudi Arabia

Abstract

AbstractIn 2020 and 2021, the world witnessed policies that caused enormous net damage to most countries. We demonstrate the usefulness of the new WELLBY currency in gauging the costs and benefits of COVID policies and review the contributions of Australian economists to the scholarly and public debates about these policies. Our analysis documents the value of what was destroyed, the weak resistance mounted by the Australian economics profession during this period, and the role played by many Australian economists as apologists for what we view as Australia's most catastrophic peacetime economic policy failure. We close with ideas for working towards a better future.

Publisher

Wiley

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