EconTalk John Cochrane on the Pandemic
Feb 22, 2021
Economist John Cochrane from Stanford's Hoover Institution dives into the pandemic's impact, critiquing top-down government responses in favor of market-based solutions. He discusses the failed testing management and the significance of pricing mechanisms during crises. Cochrane also examines vaccine development challenges, contrasting U.S. and global distribution ethics, while addressing the role of competent bureaucracies in pandemic management. His insights advocate for adapting market efficiency to improve public health outcomes in future crises.
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Bureaucratic Failures
- Government bureaucracies like the CDC and FDA failed in their response to the pandemic.
- Their rigid processes hindered testing and vaccine rollout, exacerbating the crisis.
Market-Based Testing
- Allow the market to develop and distribute tests, even imperfect ones.
- Widespread testing, combined with voluntary isolation, could have significantly slowed the spread.
Testing vs. Tracing
- Test, trace, and isolate is effective for small, contained outbreaks but not for widespread pandemics.
- Voluntary testing and isolation, facilitated by accessible tests, could have been more effective.