The Spread of the COVID-19 Virus Which Led to Significant Social and Economic Costs - Economics Assignment Help

Assignment Task:

Task:

Task Details:

Scope of the essay

Following the spread of the COVID-19 virus which led to significant social and economic costs to countries throughout the world, the Australian government made a commitment to a vaccination rollout with the intention that ‘every [adult] Australian will be given the opportunity to receive a COVID-19 vaccination, free of charge’ (Prime Minister, 2020). The Australian government (2020) considers that ‘a safe and effective vaccine, available globally, will dramatically improve health outcomes and societal wellbeing and facilitate economic recovery’. However, vaccinations did not begin in Australia until Monday 22 February 2021, in contrast, for example to the start in the UK on Tuesday 8 December, 2020. This essay aims at assessing your understanding of this key health policy initiative and the action being undertaken by health authorities in Australia (Federal and State) to achieve a high vaccination rate through the free vaccination roll-out. It will inform the health authorities who are interested in understanding how a high vaccination rate can be achieved thus contributing to containing the COVID-19 outbreak in the country. As a student of economics, you are asked to summarise the economic perspectives of the vaccination roll-out in an essay which includes the following: 1. An overview of the situation with vaccination numbers in Australia and the progress being made by states and territories in achieving high vaccination rates. (Country comparisons are encouraged). Graphs/tables need to be used in presentation of this data. 2. An explanation of how the government intervention of providing the vaccine free of charge, can be understood in terms of economic theory. This will involve an examination of the market failure, specifically positive externality, incorporating the appropriate graph into the explanation, 3. A critical analysis (i) of the obstacles encountered in implementing this roll-out, from a demand and supply perspective; and (ii) of ways to overcome these obstacles and achieve a successful vaccination roll-out,supported by appropriate sources. The following suggestions for each sub-task are not an exhaustive guide but give you something to build on based on your research, understanding and interpretation of the relevant issues. See Task Details.

Task Details:

Part 1: Context

(~300 words)

In this part of the essay you will provide the context You need to present the situation in Australian of the vaccination roll-out, which is supported by peer reviewed published research and data from reputable sources. This can include · an overview of the vaccination statistics by country and states/territories · a comparison with vaccination statistics in other countries · an indication of areas or groups with rates considerably above or below average This section will require you to present and interpret data visually such as in tables or graphs that you have developed yourself (i.e., not copied from other sources). It does NOT require you to offer any explanation of the data. Some hints: • international comparisons are encouraged • Reputable data – given this is a very recent problem – most of the data has been reported in the media but choose your sources with care • ABC, The conversation, try Google scholar

Part 2: Theory (200-300 words) In this part of the essay you need to address the relevant economic theory. The theory here is to do with market failure, specifically positive consumption externality. This can be understood in terms of the difference between private benefit and social benefit. The market is based on private benefit, resulting in underconsumption. To correct this failure, the Government can intervene (as they are doing now) to increase consumption to reach the efficient outcome, which includes the social benefits as well as the private benefits. You need to identify, clearly and with reference to the graph illustrating this situation, both the market failure (underconsumption) and the government solution in shifting to an efficient outcome. The graph you develop yourself needs to be based Figure 11.2(a) in the textbook, p.337.

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