And markets provided the remedy. Economists don’t always appreciate how often that happens.
By Casey B. Mulligan and Tomas J. Philipson
“The dispute between Sen. Rand Paul and Anthony Fauci about the Wuhan Institute of Virology’s role in the Covid-19 pandemic gets to the heart of economic policy. Economists are trained to believe that the purpose of government policy is to correct market failures: Capitalism has undesirable side effects, such as excessive pollution or inequality, that must be ameliorated by the state. The lessons of the Covid-19 pandemic, the most important recent event affecting the world economy, demonstrate the opposite.”
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