Topic: Crisis

The Insoluble Perils of Prediction

– March 14, 2020

Statistically, there are usually only a handful of ways that a prediction can come true – but a myriad, even infinite, ways that it can go wrong. We should almost never expect a particular prediction to hold true.

Crisis, Economic Trends

How the US Botched Coronavirus Testing

– March 12, 2020

Highly restrictive procedures for virus testing have had the unintended consequence of shutting down tests that could detect outbreaks and save lives. Going by the book apparently mattered more than getting good results.

AIER - Americab Institute for Economic Research

AIER Classics, Crisis, Economic Trends

Special Note from Edward Stringham

– March 12, 2020

The good news is that this problem will pass in time, but a sound strategy right now, in addition to individual caution, is to free the markets to make the world economy less vulnerable to shocks such as this one.

Crisis, Economic Trends

Coronavirus and a Case for Optimism

– March 12, 2020

With coronavirus fears accelerating and nations and organizations across the world grappling with how best to contain and mitigate the harm, it becomes increasingly difficult to be optimistic about the immediate future. What are the prospects for the A …

Crisis, Economic Trends

South Korea Preserved the Open Society and Now Infection Rates are Falling

– March 12, 2020

What’s the better for dealing with pandemic disease: martial-law quarantines imposed by the state or keeping society open while trusting individuals, families, and communities to make intelligent decisions?

Crisis, Economic Trends

Be Alarmed, But Don’t Panic

– March 12, 2020

If we realise what the real risks are and take effective action that makes use of the advantages we have compared to our ancestors then we can survive a major pandemic. If we panic, however, and do things that seem to make sense but actually make the economic and social effects worse, then the prospects are bad.

Crisis, History

They Are Rewriting the History of Coronavirus in Real Time

– March 11, 2020

The daily threats and warnings have spooked markets far more than the sober analysis from genuine medical professionals. Markets, non-interventionist policies, and budget cuts have between little and nothing to do with the fear now spreading.

Crisis, Economic Trends

The Free Market Provides What We Need to Survive a Pandemic

– March 10, 2020

It is human liberty operating within a market framework that saves us in times like this. In a disease panic, we are learning, people lose their minds and stop thinking clearly about things that matter. They also reach out to authority to save them.

Crisis, Economic Trends

Don’t Sweat the Crash in Oil Prices

– March 10, 2020

It’s the result of a much-overdue price war among producers from which the consuming public will benefit. Amid the waves of bad economic news, this is actually good news.

Crisis, Economic Trends

Economic Crisis Is the State’s Oxygen

– March 9, 2020

With the virus priced, investor are now hedging themselves against a typically obtuse and alarmist reaction from policymakers that will enhance the power of government at the expense of the private sector where all growth takes place.

Crisis, Economic Trends

Why this Draconian Response to COVID-19?

– March 8, 2020

Are we really ready to imprison the world, wreck financial markets, destroy countless jobs, and massively disrupt life as we know it, all to forestall some uncertain fate, even as we do know the right way to deal with the problem from a medical point of view? It’s at least worth debating.

Crisis, Economic Theory

COVID-19 Prompts the Question: Why Value Human Life?

– March 7, 2020

Have you noticed how philosophical COVID-19 is making us? The possible presence of imminent death of so many – true or not – is causing a reassessment of fundamental issues.