At least part of the current economic chaos derives from our lack of experience with pandemics

While it is probably true that a large part of the economic destruction currently underway is the deflation of the ‘Everything Bubble’, at least part of the chaos derives from our lack of experience with pandemics. The last runaway pandemic was at the end of the first world war over a hundred years ago, when almost none of the modern systems affected by the economic chaos existed. No computerized systems, no airlines, no international tourism, no internet, no high-speed frequency trading.

Just as it is possible to enter a war situation and deal with it in an orderly fashion and then shift to peace mode, modern societies should be capable of moving in and out of pandemic mode with minimal disruption.

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