https://www.frontpagemag.com/fpm/2020/05/our-dangerous-illusions-about-risk-bruce-thornton/
The coronavirus pandemic and the draconian lock-down responses to it have given us an object lesson in just how irrationally we evaluate and compare risk. For all our pretenses that “experts” have enough reliable knowledge to mitigate risk based on facts, we still make policy decisions based on fear, self-interest, or ideology. Even before the current medical crisis, our distorted and excessive aversion to risk has led to policies rife with moral hazard that create new and more dangerous consequences.
There’s no doubt that the current shut-down of the economy and public spaces is a consequence of bad risk assessment. These policies were based on lethality models that lacked sufficient data such as the rate of infection, and that projected numbers of dead later reduced significantly. Stoked by panic and incomplete models, radical self-quarantining was mandated even for the healthy young, and open-air activity proscribed even though a viral load necessary to sicken us requires enclosed, crowded spaces and prolonged exposure to a carrier.
Nor is there any certainty that these policies contributed to flattening out the rate of known infected and dying. Germany to date has had one of Europe’s lowest mortality rates, which many attribute to its early and severe lockdown. But recently the reproduction rate of the virus, the number of people one carrier will infect, has been rising after restrictions were lessened. As the Wall Street Journal reports, “The upward drift in the reproduction rate now suggests that those measures may not have stopped the disease in its tracks so much as delayed the inevitable—and at enormous cost.”