Why Economic Cost Was So Seriously Neglected

Source: Brownstone Institute
by Per Bylund

“At the very core of economics is the lesson of scarcity; that choosing to do one thing means forgoing something else. The economic cost of any decision or choice is the opportunity cost, the other potential choices that no longer are available. The obvious implication is that choices are costly and thus that each choice must be made wisely. In other words, both costs and benefits must be considered. … Strangely, policy decisions with respect to lockdowns, masking, and vaccine mandates overlooked the cost side completely.” (05/24/23)