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The demand shock prompted by the pandemic is hardly a suspension of capitalism. The lockdowns followed the combined decisions of individuals, per a Hayekian mod
by hyperborealis 6y ago
The demand shock prompted by the pandemic is hardly a suspension of capitalism. The lockdowns followed the combined decisions of individuals, per a Hayekian model. Government's mainly commanded what people were already doing themselves.
- js8 6y agoNo. Individuals are less efficient in doing shut down than government, because of the https://en.wikipedia.org/wiki/Coordination_failure_(economics) https://en.wikipedia.org/wiki/Coordination_failure_(economic... . We can see that play out in practice, comparing how different nations dealt with the pandemic. But I do agree with the premise, government shut downs happened because people by and large wanted them, not because the government wanted to impose some random restrictions.