Noah may have a read on the general tenor of the conversation, but I personally do not think that the main action is along a tradeoff between “safe more lives vs produce more output” axis.
In February, the unemployment rate was 3.5%.
In the last two weeks, it has gone up by (3.3+6.7)/165 = 6%. So we are already at 9.5%.
If policy makers are stuck with frequent, long periods of lockdown, it will kill business and consumer confidence. No one can plan. No one will invest. We lose many $trillions.
If we spent $100 billion on testing, can contain the virus with no lockdowns.
Sounds cheap to me. https://t.co/VlIAhOMarh