The onset of the COVID-19 pandemic in early 2020 has brought with it enormous costs. These include, first and foremost, an enormous cost in the terms of human life, with more than 178,000 deaths from the coronavirus in the United States alone, and at least 814,000 deaths worldwide, as of late August 2020. But also, with the pandemic have come significant economic costs, fiscal costs, and personal costs to our happiness and quality of life.
Why is living under quarantine so hard for people? In large part it’s because, prior to the pandemic, many people have enjoyed living under a system of mostly-free markets. But when we’re robbed of our ability to work in a lockdown, we’re also robbed of part of what comprises our innate human dignity, as this pandemic takes a toll not only in the loss of human life but in the loss of community.
What can we learn from the economic cost of the coronavirus pandemic? How can economics and public choice theory help us better understand the actions of political leaders during this time? And how can entrepreneurship allowed for under free market systems innovate solutions to these problems?
In this episode, Acton’s managing director of programs Stephen Barrows speaks with Dr. David Hebert, chair of the economics department and associate professor of economics at Aquinas College, about the economics of the quarantines and lock-downs in the Covid-19.