Reference no: EM132506829

Question: In our first lecture "The Healthcare Quadrilemma," I mentioned the book by biologist Lewis Thomas, "The Lives of a Cell". In the chapter Technology of Medicine, Lewis described the three phases of technology evolution for any therapeutic intervention as: No Technology, Partial/Halfway Technology, and Full Technology. We are currently in the "No Technology" phase of COVID-19 pandemic, while many companies and research institutes are working hard to develop treatments (e.g. anti-viral, anti-inflammatory, and vaccines). Policy makers across countries have implemented various levels of "lockdown", which aims to reduce the transmission of the coronavirus and flatten the infection epi curve.

Economists need to weigh the benefits against the costs of the lockdown. Evaluation of the costs of the lockdown is beyond the scope of our class. In this essay, please focus on the potential benefit of lockdown. Do you think slowing the pandemic is worth it? Please think in both long- and short-term, and on individual- and society-level. Remember to apply what we learned about the value of a statistical life in your essay. You may also consider the value of preventing the risk of big lung damage, e.g., severe lung scarring.