Tag Archives: Larry Summers
Coronavirus: Flattening the economy to control COVID-19 will have limited benefits at high costs
In 2016, U.S. economist Larry Summers, commenting on the release of a report titled The Neglected Dimension of Global Security: A Framework to Counter Infectious Disease Crises, said that “relative to its significance, there is no issue that gets less attention” than the risk of pandemics and epidemics.,, scrambling to catch up, the political authorities at the UN’s World Health Organization (WHO) and in towers of power around the world who underplayed the pandemic risk are engaging in a giant social and economic experiment: the temporary shutdown of the $100-trillion world economy to fix a real looming crisis they long ignored. And it is an experiment. Governments around the world are using the global economy as a test tube for science and behaviour theories that the COVID-19 pandemic can perhaps be managed and controlled by imposing draconian limits on most economic activity. >click to read< 13:31
