On the Economics of Not Dying
America is now engaged in a vast, dangerous experiment. Although social distancing has limited the spread of the coronavirus, it is far from contained. Yet despite warnings from epidemiologists, much of the country is moving to open up for business as usual.
You might think that such a momentous move would come with elaborate justifications — that politicians pushing an end to social distancing, from Donald Trump on down, would at least try to explain why we should take this risk. But those calling for quickly reopening have been notably silent about the trade-offs involved. Instead, they talk incessantly about the need to “save the economy.”
That is, however, a very bad way to think about economic policy in a pandemic.
What, after all, is the economy’s purpose? …continued .
[Source: New York Times]