A COVID-19 cost-benefit analysis

A COVID-19 cost-benefit analysis
(Image: Screen grab of video via MRC-TV)

[Ed. – Hmm. Maybe the administration didn’t cover all its bases in putting together its task force. This is a persuasive analysis.]

With the costs and benefits in mind, we might examine our government’s response to the COVID-19 pandemic. The first thing to keep in mind about any crisis … is we should keep markets open and private incentives strong. Markets solve problems because they provide the right incentives to use resources effectively. Federal, state, and local governments have ordered an unprecedented and disastrous shutdown of much of the U.S. economy in an effort to slow the spread of the coronavirus.

There’s a strictly health-related downside to the shutdown of the U.S. economy ignored by our leadership that has been argued by epidemiologist Dr. Knut Wittkowski, formerly the head of the Department of Biostatistics, Epidemiology, and Research Design at Rockefeller University in New York City. Wittkowski argues that the lockdown prolongs the development of the “herd immunity,” which is our only weapon in “exterminating” the novel coronavirus. …

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