But yes, that's another example of how @mcjulie's claim ("We invented the economy so we can make it do whatever we want!") is so wrongheaded
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Replying to @HenryTarquin @RayTski and
As I've repeatedly said, the economy is BOUND to take a hit from coronavirus, one way or another. All we can do is minimise the damage.
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Replying to @HenryTarquin @mcjulie and
Yes, and we minimize the damage through a lockdown.
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Replying to @RayTski @HenryTarquin and
Because no matter how hard it is to adapt to the lockdown, adapting to mass illness and death is bound to be harder.
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Lockdown or something like it may well be the best minimisation strategy—depending on where you are. Indeed I'm inclined to think it is here
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Replying to @HenryTarquin @RayTski and
But it's far from obvious, and I'm suspicious of this kind of armchair reasoning.
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Replying to @HenryTarquin @RayTski and
A temporary wave of mass death (especially if they're largely people who would soon have died anyway) could well be easier to recover from.
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Replying to @HenryTarquin @RayTski and
And as I've pointed out: just as both forks in our path lead to economic ruin, both lead to mass illness and death.
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Replying to @HenryTarquin @RayTski and
And there is diminishing marginal disutility—in terms of economic impact—on these deaths. That is to say...
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Replying to @HenryTarquin @RayTski and
The economic impact of 10,000 deaths will not be anything like twice as bad as the economic impact of 5,000.
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Did you just learn about the term "diminishing marginal utility" and think it's some kind of universal law of economics that applies to everything man Fucking A There can be both diminishing AND INCREASING marginal utilities (or disutilities)
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Replying to @arthur_affect @HenryTarquin and
Just like there are both economies and diseconomies of scale You don't know which one it is until you actually look at the situation
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Replying to @arthur_affect @HenryTarquin and
You didn't even think this through, disutility means going in the opposite direction of utility For something that has a generally diminishing marginal utility, taking it AWAY has generally INCREASING marginal DISutility
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