It's the economy, stupid.
President Trump wants to ‘go big’ on fiscal stimulus, so reports the media. And so far a lot of coverage of its likely contents has started from that premise – asking whether any package would help “stimulate” the economy by boosting spending.
That seems to me the wrong way of thinking about the coronavirus problem, as it pertains to economics.
In economic terms, an epidemic is first and foremost a supply‐shock – a disruption to...
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