https://quadrant.org.au/opinion/qed/2020/03/covid-19-the-blunt-instrument-of-suppression/
“‘A country which is fully employed, or close to it, is in a better position to fight a public health emergency than one confronting an impending recession or depression. As jobs are shed and stock markets plummet the need is to at least consider a different approach to the coronavirus pandemic.”
The precautionary principle was in vogue some years ago in the context of the climate debate. However, the argument is a general one. It turns on the outcome of something being so bad that even a small probability of it occurring is unacceptable. In other words, its expected cost (the probability of it occurring multiplied by the costs it would impose if it were to occur) would almost certainly exceed any costs of putting in place measures to prevent it from occurring.
The precautionary principle has a frailty as a guide for taking preventive action. The costs of taking action are real and tangible, whereas the costs of not taking action are speculative. What has this to do with combatting the coronavirus pandemic? It provides a foil. The situation facing us effectively stands the precautionary principle on its head.
To explain. Whereas the costs of inaction on the health of the population due to the virus can be calculated with a fair degree of confidence by epidemiologists, albeit along a scale; the costs of taking a range of aggressive actions to curb the spread of the virus are speculative. At worst, the social and economic costs of such actions could be so high as to outweigh their public-health benefits. And this is what I would like to discuss in light of an influential report (“Impact of non-pharmaceutical interventions (NPIs) to reduce COVID-19 mortality and healthcare demand”) issued on March 16 by the Imperial College London on behalf of its Covid-19 Response Team. The “IC Report” is based on epidemiological modelling.