EconTalk

Tyler Cowen on the Pandemic, Revisited

Apr 5, 2021
Tyler Cowen, a prominent economist and author from George Mason University, engages in a deep discussion about the lessons learned from the pandemic. He critiques the slow vaccine rollout and explores the complexities of public health measures, emphasizing the need for quick decision-making in crises. Cowen also highlights the surprising resilience of certain businesses and the evolving landscape of biomedicine. Additionally, he delves into the political implications of national debt and calls for economic reforms to better support small businesses in a post-pandemic world.
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ADVICE

The Speed Premium

  • Prioritize speed in decision-making, especially during crises like pandemics.
  • Act decisively, even with imperfect information, to minimize negative consequences.
INSIGHT

Bureaucracy and Testing

  • The FDA's slow approval of tests and vaccines hampered the US pandemic response.
  • Distributing vaccines quickly is crucial, even if production was fast.
INSIGHT

Human Challenge Trials

  • Human challenge trials, where volunteers are deliberately exposed to the virus, could accelerate vaccine development.
  • This approach could have potentially prevented the winter wave of COVID-19.
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