Preprint Review Version 1 Preserved in Portico This version is not peer-reviewed

COVID-19 Crisis Management and Cost Estimation Models: Bureaucratic Government Coaction Vs. Spontaneous Social Coordination

Version 1 : Received: 3 May 2021 / Approved: 4 May 2021 / Online: 4 May 2021 (15:27:04 CEST)

How to cite: Huerta de Soto, J.; Bagus, P.; Sánchez-Bayón, A. COVID-19 Crisis Management and Cost Estimation Models: Bureaucratic Government Coaction Vs. Spontaneous Social Coordination. Preprints 2021, 2021050024 (doi: 10.20944/preprints202105.0024.v1). Huerta de Soto, J.; Bagus, P.; Sánchez-Bayón, A. COVID-19 Crisis Management and Cost Estimation Models: Bureaucratic Government Coaction Vs. Spontaneous Social Coordination. Preprints 2021, 2021050024 (doi: 10.20944/preprints202105.0024.v1).

Abstract

This paper reviews the management of the COVID-19 crisis and the difficulty of cost estimation model, comparing centralized management or bureaucratic government coaction and the agile market alternative or spontaneous social coordination. This is a study of Political Economy and Health Economics from the perspective of Austrian Economics. We describe and compare the al-ternative models, which are adapted to the current crisis. The analysis is based on the theorem of the impossibility of the economic calculation under coactive systems, and other principles of economy. In this context we pay also attention to collateral problems of the centralized and coac-tive management. Finally we propose a solution based on dynamic efficiency and the constitutions of wellbeing economics

Subject Areas

Decision Making; Cost Estimation; COVID-19 Crisis; Health Economics; Wellbeing Economics; Political Economy

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