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> what do you think is going to happen to these people if the economy totally shuts down? I expect the economic impacts to be rough either way. We don’t have a

> what do you think is going to happen to these people if the economy totally shuts down? I expect the economic impacts to be rough either way. We don’t have a choice for “no economic impact” anymore. Either we do it in a coordinated and somewhat controlled manner now while we still have a handle on cases vs illness, or the impacts hit, roll, and peak along with the cases of illness while well/well-ish people try to improvise individual responses which probably have similar econ impacts but may not be as effective. Or did we think that thousands on thousands falling ill at once wasn’t going to hurt economically?

giantDinosaur 7y ago
How can you say the economic impacts will be of similar magnitude when looking at the age distribution in severe cases & death here? How do hospitals being overwhelmed have the same magnitude of effect as a literal shutdown of a country? Or, indeed, the shutdown of multiple? To me it seems likely the difference between a recession (guaranteed) and a real, extremely serious depression which will be fully capable of exacting its own toll on lives.
- wwweston 7y ago
  First, while I fully expect that the worst effects will hit the advertised danger demographics the hardest, at wide enough infection coverage there are going to be poster children for folks who didn't fit that profile[0]. Not just a few. Second, I expect that the illness impacts will hit even broader, both in sheer numbers and crossing demographic expectations, resulting in people directly absent from work and consumption for weeks at a time. Those are the first order effects. The second order effects on psychology among a large number of folks having loved ones dying and acquaintances suffering are going to produce some behavior changes. Some of them would be similar to those we're seeing with lockdown, but as I said, improvised rather than coordinated, probably combining some degree of the same impacts but with less of the benefits. The recession might be milder if we trade a higher death toll. Might. But the financial markets sure didn't think we were going to escape one even before US civil measures started ratcheting up. [0] https://medium.com/@juliael84791135/this-isnt-a-normal-flu-i-m-in-week-two-of-coronavirus-3a87657bc8cb https://medium.com/@juliael84791135/this-isnt-a-normal-flu-i...
- deleted 7y ago
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giantDinosaur 7y ago

How can you say the economic impacts will be of similar magnitude when looking at the age distribution in severe cases & death here? How do hospitals being overwhelmed have the same magnitude of effect as a literal shutdown of a country? Or, indeed, the shutdown of multiple? To me it seems likely the difference between a recession (guaranteed) and a real, extremely serious depression which will be fully capable of exacting its own toll on lives.

wwweston 7y ago
First, while I fully expect that the worst effects will hit the advertised danger demographics the hardest, at wide enough infection coverage there are going to be poster children for folks who didn't fit that profile[0]. Not just a few. Second, I expect that the illness impacts will hit even broader, both in sheer numbers and crossing demographic expectations, resulting in people directly absent from work and consumption for weeks at a time. Those are the first order effects. The second order effects on psychology among a large number of folks having loved ones dying and acquaintances suffering are going to produce some behavior changes. Some of them would be similar to those we're seeing with lockdown, but as I said, improvised rather than coordinated, probably combining some degree of the same impacts but with less of the benefits. The recession might be milder if we trade a higher death toll. Might. But the financial markets sure didn't think we were going to escape one even before US civil measures started ratcheting up. [0] https://medium.com/@juliael84791135/this-isnt-a-normal-flu-i-m-in-week-two-of-coronavirus-3a87657bc8cb https://medium.com/@juliael84791135/this-isnt-a-normal-flu-i...
deleted 7y ago
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