https://www.nationalreview.com/2020/09/coronavirus-policy-economic-costs-scientific-approach-evaluation/
Has the U.S. incurred larger COVID losses than countries held up as role models?
The idea that America has incurred larger losses from COVID than any other nation has been widely repeated, but it’s not true. In reality, the United States has incurred smaller COVID losses than many other countries often cast as role models, once the total cost of the disease — in both lost lives and economic activity — is correctly measured and taken into account. A truly scientific approach to evaluating COVID policy relies on quantification of the tradeoffs involved, as opposed to only considering health losses.
The issue is how to measure the quantitative magnitudes of two separate strands of losses, the cost of disease prevention and the cost of the disease itself, to guide policy on minimizing the total impact. Economists routinely quantify and assess tradeoffs between health and other valuable activities to determine overall costs they impose. Doing so does not trivialize human life but acknowledges — as all of us must — that saving lives at any cost is not practical nor desirable.
Consider a somewhat extreme hypothetical example. Over 40,000 people die on U.S. roads each year, yet we don’t shut down highways. Instead of closing them — and losing all the economic benefits they provide — the government manages but does not eliminate the risks from bad drivers by regulating speed limits, enforcing DUI laws, and requiring people to have licenses to drive. Put differently, closing roads would entail a loss from prevention that would be higher than the value of the lives saved.
Tradeoffs obviously play a role in setting health-related policies. Yet some epidemiologists ignore tradeoffs when pushing for their preferred COVID prevention. They only measure one type of loss in terms of health. However, these medical scientists still drive to work like everyone else, even though their mortality would be lower if they did not. This shows how, in every other aspect of life, common sense balances the costs of prevention against its benefits in terms of lower mortality. But for COVID policy decisions, in many locales, the so-called scientists adhere to unscientific economic claims about the quantitative tradeoffs involved.