The coronavirus lockdowns demonstrated our leaders’ ignorance of economic interdependence. After the riots, that ignorance has been shown to run far deeper. It is an ignorance about government’s most fundamental obligation: to safeguard life, liberty, and property. It is an ignorance about human nature and human striving.
Lots of truth in JP’s sardonic wit.
Three months ago, Dr. John Ioannidis of Stanford University predicted dire social consequences if states enforced social distancing measures to curb a virus scientists didn’t yet understand.
“I feel extremely sad that my predictions were verified,” Ioannidis said in a recent interview with Greek media.
“There are already more than 50 studies that have presented results on how many people in different countries and locations have developed antibodies to the virus,” Ioannidis, a Greek-American physician, told Greek Reporter. “Of course none of these studies are perfect, but cumulatively they provide useful composite evidence. A very crude estimate might suggest that about 150-300 million or more people have already been infected around the world, far more than the 10 million documented cases.”
Ioannidis said medical data suggest the fatality risk is far lower than earlier estimates had led policymakers to believe and “is almost 0%” for individuals under 45 years old. The median fatality rate is roughly 0.25 percent, however, because the risk “escalates substantially” for individuals over 85 and can be as high as 25 percent for debilitated people in nursing homes.
“The death rate in a given country depends a lot on the age-structure, who are the people infected, and how they are managed,” Ioannidis said. “For people younger than 45, the infection fatality rate is almost 0%. For 45 to 70, it is probably about 0.05-0.3%. For those above 70, it escalates substantially…”
“Major consequences on the economy, society and mental health” have already occurred. I hope they are reversible, and this depends to a large extent on whether we can avoid prolonging the draconian lockdowns and manage to deal with COVID-19 in a smart, precision-risk targeted approach, rather than blindly shutting down everything…”
There’s little question that the lock-downs have caused widespread economic, social, and emotional carnage. Evidence that US states that locked down fared better than states that did not is hard to find.
Though not yet certain, the COVID-19 pandemic may well turn out to be another example of central planning gone wrong.
As I previously noted, it’s a sad irony that many of the greatest disasters in modern history—from Stalin’s “kolkhoz” collective farming system to Mao’s Great Leap Forward and beyond—are the result of central planners trying to improve the lot of humanity through coercive action.
“This is not a dispute about whether planning is to be done or not,” Hayek wrote in The Use of Knowledge in Society. “It is a dispute as to whether planning is to be done centrally, by one authority for the whole economic system, or is to be divided among many individuals.”
A similar pattern – rapid increase in infections to a peak in the sixth week, and decline from the eighth week – is common everywhere, regardless of response policies
The following is the text of a study by Prof Isaac Ben-Israel, first published on April 16, 2020. (Ben-Israel discussed his research on Israeli TV on April 13, saying that simple statistics show the spread of the coronavirus declines to almost zero after 70 days — no matter where it strikes, and no matter what measures governments impose to try to thwart it.)
Our analysis shows that this is a constant pattern across countries. Surprisingly, this pattern is common to countries that have taken a severe lockdown, including the paralysis of the economy, as well as to countries that implemented a far more lenient policy and have continued in ordinary life.
It turns out that a similar pattern – rapid increase in infections that reaches a peak in the sixth week and declines from the eighth week – is common to all countries in which the disease was discovered, regardless of their response policies: some imposed a severe and immediate lockdown that included not only “social distancing” and banning crowding, but also shutout of economy (like Israel); some “ignored” the infection and continued almost a normal life (such as Taiwan, Korea or Sweden), and some initially adopted a lenient policy but soon reversed to a complete lockdown (such as Italy or the State of New York). Nonetheless, the data
shows similar time constants amongst all these countries in regard to the initial rapid growth and the decline of the disease.
For example, our calculations show that the pattern of the daily new infections as a percentage of accumulated number of infections (weekly averaged), is common to every country around the globe. Typically, in the first phase of the spread, this percentage amounted around 30%, decreased to a level of less than 10% after 6 weeks, and ultimately reached a level of less than 5% a week later.
Note: The exponential GF of 1.15 is used to show means of comparison of infection growth rate. Notice Italy peaks at about 30 days; Sweden peaks about 37 days, yet the two countries took drastically different approaches in response to the outbreak.