Thursday 30 April 2020

You should read these quotations from the WSJ yesterday

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Most politicians in most countries are changing the explanation for why they locked down their economies. Originally they said they wanted to slow Covid-19’s spread to ease pressure on hospitals, but increasingly they seem to want to stop it entirely. (New York Gov. Andrew Cuomo is also invoking an R0 [reproduction rate] of 1 before his state can reopen.) Berlin may provide a cautionary tale in whether that is possible as lockdowns ease—and, therefore, whether the lockdowns have been worth their immense human and economic cost.
Editorial, The Wall Street Journal yesterday

This column isn’t about Sweden, but the press now claims Sweden’s Covid policy is “failing” because it has more deaths than its neighbors. Let me explain again: When you do more social distancing, you get less transmission. When you do less, you get more transmission. Almost all countries are pursuing a more-or-less goal, not a reduce-to-zero goal. Sweden expects a higher curve but in line with its hospital capacity. Sweden’s neighbors are not avoiding the same deaths with their stronger mandates, they are delaying them, to the detriment of other values.

The only clear failure for Sweden would come if a deus ex machina of some sort were to arrive to cure Covid-19 in the near future. Then all countries (not just Sweden) might wish in retrospect to have suppressed the virus more until their citizens could benefit from the miracle cure.

Please, if you are a journalist reporting on these matters and can’t understand “flatten the curve” as a multivariate proposition, leave the profession. You are what economists call a “negative marginal product” employee. Your nonparticipation would add value. Your participation subtracts it.

...Let’s apply this to the U.S. Americans took steps to counter the 1957 and 1968 novel flu pandemics but nothing like indiscriminate lockdowns. Adjusted for today’s U.S. population (never mind our older average age), 1957’s killed the equivalent of 230,000 Americans today and 1968’s 165,000. So far, Covid has killed 57,000.

... The 1957, 1968 and even 1918 strains are still with us, contributing to an estimated 650,000 flu deaths world-wide every year.


…Before patting ourselves on the back, however, notice that we haven’t stopped the equivalent deaths, only delayed them while we destroy our economy and the livelihoods of millions of people. 
That’s because public officials haven’t explained how to lift their unsustainable lockdowns while most of the public remains uninfected and there’s no vaccine.
        Holman W. Jenkins, Jr. in The Wall Street Journal


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