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Just as the political class decided what is an essential vs nonessential business, so too have it decided what are essential and nonessential medical treatments. As a result, people who could be undergoing needed treatment are sitting at home under house arrest, while nurses who normally have busy jobs are also at home.READ MORE
Deficits used to be temporary affairs racked up in exceptional periods as the result of shocks, and paid down with surpluses. Despite years of decent economic growth, public debts in most western countries remain at high levels relative to GDP. Consequently, capacity to respond to crisis – such as natural disasters, wars and the one we are facing now – through borrowing is considerably reduced.READ MORE
Economists rarely get to run field experiments for the whole economy. And thank goodness for that, because field experiments can be very damaging. But the coronavirus that every American has been dealing with for the last month has given us as close to a field experiment as we’re ever likely to get.READ MORE
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