Source: Law & Liberty
by G Patrick Lynch
“‘Compared to what?’ That should be the first response of any economist worth his or her salt if asked to opine on a specific public policy. For example, should we err on the side of disease prevention and lockdown an entire country despite devastating social and economic consequences? Or should we live with the risk of the disease? That is what economics is supposed to do well: compare alternatives based on tradeoffs. Experts in various policy realms often lack the perspective to consider the consequences of focusing exclusively on their narrow fields. Health experts focus on health, sometimes without consideration of other costs, particularly down the road. Of course, this assumes that the experts themselves have relevant, rigorously tested, and accurate prescriptions to handle public policy challenges.” (03/28/25)