“We wanted to put something in there that would really hit the house,” Dowdy said. “People didn’t want to throw punches just to make a one-size-fits-all document.”
One of the group’s strong conclusions was that there really is a balance to be struck between health and wealth, between life and livelihood. Not everyone agrees with that. Eleanor Murray, an epidemiologist at the Boston University School of Public Health, books In Economic Perspective last year, “But we don’t need to choose between a healthy audience and a healthy economy!” The authors of the new paper wrote that Murray “underestimates that the pandemic presents policymakers with difficult trade-offs between population health and economic well-being.”
Asked by Murray about the controversy, she said via email, “Authors continue to put economics and epidemiology in opposition. The view that economics and the health of the public are in conflict is detrimental to our ability to improve both.” She added that government support could reduce “contagion and economic damage”. (Papageorge’s email response: government assistance is “not a no-cost offer” and “there is a trade-off”).
The result of the six hours of talking, according to Darden, was that there must eventually be a unified model for combating transmission of disease “that retains the essential elements that both economists and epidemiologists cherish without becoming too large to analyze.” He went on to achieve this. “It requires willingness to compromise.”
Such a unified model is still elusive. The interim step is to get the economists and epidemiologists to at least talk to each other and be more clear about where and why they differ, Papagorge said. This step alone will make the two professions more useful to policy makers and the public.
Thank you Plot On Mark Spitznagel’s ‘Safe Haven’ Investment. You do realize that this is one of the core principles of value investing, right? You can Google Warren Buffett 1984 accident at Columbia University called “Graham-and-Doddsville Outstanding Investors” if you’re interested in describing exactly what you’re talking about. (As the risk goes down, the reward goes up, in direct contrast to modern portfolio theory.) Benjamin Graham also emphasized the same principle since 1949 in The Intelligent Investor, with his concept of a margin of safety paired with proper diversification. He might even go back to his classic 1934 book, “Safety Analysis.”