How Much Has the Pandemic Cost?
Economists measure policy options and their consequences in terms of monetary costs or GDP. But the dilemma policymakers have faced since the outset of the pandemic is fundamentally a moral one, rooted not least in the question of when individual preferences should prevail over collective interests.
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HONG KONG – As the COVID-19 pandemic entered its third year, the United States was enjoying a protracted stock-market boom, and China’s global trade surplus had reached record highs. There is reason to believe these trends will not last: notably, with the US Federal Reserve set to tighten monetary policy in the face of rising inflation, the US stock market has tumbled.