EconTalk Paul Romer on the COVID-19 Pandemic
May 15, 2020
Paul Romer, a distinguished economist and Nobel Laureate from NYU, shares his insights on navigating the COVID-19 pandemic. He argues for the urgent need to transition from lockdowns to effective testing solutions, emphasizing the role of innovative tests like the 'Jiffy Tube.' Romer highlights how relaxing regulations could create a supply chain for testing, aiding economic recovery. The discussion also covers labor market challenges, showcasing the emotional toll of job losses and the importance of government intervention to support workers.
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Costs Beyond Fiscal
- Recognize that the current economic hardship is multi-faceted, including fear and lost dignity.
- The political consequences of the pandemic response could be severe.
Testing as a Solution
- Frequent testing, even at high cost, is now more acceptable given the grim alternatives.
- Contact tracing failed initially; affordable testing offers better virus suppression.
Saliva Test Advantages
- Saliva tests for COVID-19 are cheaper and easier to administer than nasal swabs.
- The FDA’s restrictions on saliva testing hinder widespread adoption.