Bob explains some of the basic–but crucial–errors in the cost/benefit analyses that have been offered by economists to justify the political lockdowns issued in light of the coronavirus. Specifically, economists have conflated voluntary physical distancing with coerced lockdowns, and they are also misusing the concept of a Value of a Statistical Life (VSL).
Mentioned in the Episode and Other Links of Interest:
- Some papers/articles on the Value of a Statistical Life (VSL) concept: one, two, and three. Paul Krugman’s column using VSL to justify lockdowns.
- David R. Henderson’s critique of Zingales.
- Help support the Bob Murphy Show.
The audio production for this episode was provided by Podsworth Media.