"We draw it's the quantity of this compared to the next best alternative from the consumers point of view. It's very natural for us," he says. "You have to recognize that what the alternatives are in the real world, not not what the doctors wish your alternative is."
When there's no vaccine on the market, people will look for other ways to be safe, including school closures and the handwashing of groceries. Listen as economist Casey Mulligan of the University Chicago talks with EconTalk's Russ Roberts about the costs of delaying a vaccine, the hidden costs of FDA regulation, and what we learned and failed to learn about the Covid pandemic.