The Economics of Face Masks: application of VSL’s controversy and GDP’s critique on the case of the Czech face masks sewing initiative and its value estimation
|Author:||Bc. Markéta Malá|
|Year:||2020 - summer|
|Leaders:|| PhDr. Jiří Schwarz Ph.D.
|Work type:|| Bachelors
|Awards and prizes:|
|Abstract:||The thesis describes the economic context of the face masks sewing initiative in the Czech
Republic (the prompt and extensive help of volunteers with tackling the face masks’ shortage
during the COVID-19 pandemics) and attempts to estimate its economic value. Even in the
most conservative scenario that assumes efficacy of face masks to be only 8 %, the results
suggest that the initiative still created lower units of billions CZK in economic value as a result
of contributing to the prevention of 6,290 - 18,825 infections, 1,006 - 3,012 hospitalizations
and 95 - 284 deaths only within the first month. If we assume 20 % masks efficacy, the
initiative’s value equals to 1 - 9 % of the Czech monthly GDP .