Originally Posted by
wiggin
I actually had a fascinating discussion about this the other day. My father-in-law sends me occasional links, and most of his other recipients are wealthy men in their 60s and 70s. Early on, I replied all to an email where I argued that lockdowns were probably warranted given the data available at the time (this was mid-March). A very wealthy and intelligent hedge fund manager responded with a fascinating take. Essentially, he argued that the benefits of various public health measures like lockdowns are not being appropriately balanced against their costs. He was correctly predicting 20 million+ unemployed, and that almost all of the people who would pay the economic price would be young and poor, while the benefits would almost entirely accrue to the old and rich(er) because of the mortality distribution. Given that the people making decisions on lockdowns were mostly old and rich, he found it manifestly unfair and wanted the data to be really solid that other measures wouldn't be reasonably effective while dramatically reducing the costs (e.g. why not just isolate the old, or put in place other social distancing measures, or whatever). (Others in the thread took rather extreme exception to this view.)
I wasn't fully sold on his opinion - I think the data was strong enough at the time to support such draconian measures, and I am confident I was right - but it was a fascinating perspective. Why should young people - who are largely going to be have little risk from coronavirus - pay such a staggering cost just to benefit a bunch of old people who aren't going to really help them out? Why should we discount their lives - shortened by increased mortality and decreased QOL from economic depression - for the benefit of a different group?
I'm not in the 'let the grandparents die for the economy' crowd, of course, but a thoughtful view of the entire set of costs and benefits of a given response is worth considering. Maybe there are advantages to skewing our response a little bit more towards younger populations.