Noah Smith and Brad DeLong: the cost of the crisis
We are now seeing how damaging our weak response to the pandemic was in the US. Both on human lives and on the economy. But, how much would it actually have cost, if we had completely shuttered the economy for six weeks and paid everyone to stay at home? Would it be cheaper and more effective than the patchwork responses we are seeing now? These questions are not easy to answer, so I spoke to two economic experts Brad DeLong and Noah Smith. Brad and Noah don't agree on much, or really anything. However, they came together on one idea. We missed and are still missing a massive opportunity to save lives and save the economy.