Mortality declines can offset recession losses

A linked working paper claims that, when modeled together, the mortality decline observed in the Great Recession produces a welfare gain that is quantitatively meaningful compared with the welfare loss from reduced consumption. In plain terms, the study argues the health effects of economic downturns may produce non‑obvious welfare tradeoffs that change how we evaluate recessions. — If robust, this reframes cost‑benefit thinking about macro shocks and public policy by putting mortality (and health) impacts on the same welfare ledger as consumption losses.