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

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