My prediction is that at the end of the pandemic we will see that those countries that suffered the worst health impact will have also suffered the hardest economic impact. And the other way around.
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There is evidence that this was likely also the case more than a century ago in the influenza pandemic of 1918 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561560 … And back then we did not have today's economy in which we so strongly rely on each other.pic.twitter.com/uMwivBJKfW
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If we want the economy to get back then we need to make it safe for people to be back at work.
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that's what the indian govt did: save people's lives and then worry about the economy. of course the indian govt is being pilloried precisely for having done that by ordering a hard lockdown.
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Protecting people's health is key to getting the economy back. Governments' and public health sets the stage. The triad of employers-employees-customers doing their part to reduce the actual and perceived risk of
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Except the goal posts keep getting moved. First it was “we need to flatten the curve so as not to overwhelm hospitals”. Well, we did that. Now it’s: “We need to make sure no one ever gets the virus, ever! Because I love being a dictator!”
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When you have exponential growth, “flattening the curve” efforts wind up being very similar to “nobody ever gets the virus” efforts, with very similar outcomes.
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It makes all the sense in the world. Precisely because of that, it's denied again and again by people who think that counterintuitive is a synonym of right, and don't understand that the ultimate danger of group thinking is believing you're right just because you think different.
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For most people, including economists, economy is the "health of money", not a measure or science of human well being.
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absolutely incorrect, according to this economist. Economics is based on the idea of maximizing human welfare in the presence of resource and cost constraints and therefore the need to make choices.
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