This time the numbers show we can’t be too careful: hard-headed cost-benefit analysis usually confirms that it’s dangerous to be overcautious. The conoravirus is diferente by Cass R. Sunstein published by Bloomberg (3/2020).
“I have long been an enthusiastic defender of quantitative cost-benefit analysis, and recently wrote a book about it.
I have also long been a critic of the precautionary principle, which calls for potentially expensive precautions against bad outcomes in the face of scientific uncertainty.
In the context of the coronavirus pandemic, it’s unusually challenging to engage in quantitative cost-benefit analysis. But the best available estimates, released within the last few days, suggest that the U.S. should continue with expensive precautions, even if they take a major economic toll.”
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