What’s the right amount of economic pain to endure in order to save lives?
Both are measures of human wellbeing. That’s what we should maximize right now.In light of political pressure and expert estimates that the Covid-19 pandemic could now rack up a six-digit American death toll, President Donald Trump has backed down from his threat to ease off social distancing measures, reopen the economy and “fill the pews” on Easter. But he has
Wealth and health go hand-in-hand at both the individual and the collective level. Because healthier populations are more productive, and wealthier societies can afford better measures to protect the health, safety and environment of their people, there’s generally little tradeoff between the public health and economic performance.
Once we acknowledge that the epidemic and the economic slowdown aren’t really two problems, but simply two aspects of a threat to our population’s wellbeing, the policy response becomes clearer. Letting the epidemic rip without mitigating measures would eventually take a catastrophic toll on the economy anyway, in addition to the atrocity and trauma of an overwhelming level of sickness and death.
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