Introduction and Motivation on Confronting Epidemics: The Need for Epi-Econ IAMs

Introduction and Motivation
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Introduction and Motivation
The primary article is “Confronting Epidemics: The Need for Epi-Econ IAMs” by Boppart et al. (2021). Indeed, it focuses on a significant tool that can be used to confront epidemics, such as the Covid-19 pandemic, from an economic perspective. Policymakers are encouraged to use the explicit Integrated Assessment Models known as the “epi-econ IAMs” (Boppart et al., 2021). In reality, the coronavirus pandemic necessitated the making of challenging decisions by government officials and politicians worldwide. These decisions determined who to live and who to die. Due to the lack of a proper policy, it was difficult to make life-and-death decisions. The primary reason that an individual is motivated to read Boppart et al.’s (2021) article is to understand how epi-econ IAMs can facilitate proper economic decisions to alleviate the adverse effects of epidemics.
Epi-econ IAMs enhance systematic evaluation and comparison of various policy options. When it comes to addressing epidemics and pandemics, a single policy cannot be used. That is why a systematic tool that facilitates the comparison of distinctive policies is useful (Boppart et al., 2021). For instance, if countries were able to trace, detect, and isolate infected individuals quickly during the early stages of the Covid-19 pandemic, they would have reduced the spread of the virus and eradicated it. South Korea managed to combat the spread of coronavirus since it acted faster in tracing, detecting, and isolating those who became infected. Specifically, economic analysis was fundamental in making proper decisions. However, it involves trade-offs about what and how much to consume and where to work. Economic values, including consumption and output, should be used in identifying trade-offs. When trade-offs are unavoidable, policies should be enacted to facilitate appropriate balance (Boppart et al., 2022). For instance, locking down the countries was a strict measure that hindered the distribution of non-essential products and services, but it significantly contributed to the rapid decrease in infections and death associated with the Covid-19 pandemic.
An IAM of economics and epidemics allow individuals to do counterfactual policy analysis (Boppart et al., 2021). In that light, it means that the model can be used to test various policies, compare them, and record the outcomes. The epi-econ IAM model is like a simulation that enables policymakers and other stakeholders to consider all policies and know the outcomes that might occur upon the implementation of specific or a combination of these policies. Notably, the results obtained from the model are not always generalizable since it depends on the randomized studies used...