Tony Yates Profile picture
19 Dec, 12 tweets, 2 min read
At each and every point in the pandemic, the policy mistake seems to have been very similar.
Step 1: watch case numbers rise, fail to lockdown because of the perception, or concern about others' perception, of this being a 'cost', of needing to weigh that cost against deaths and disability.
Step 2: watch case numbers rise further. Finally lockdown, by more and for longer than would have otherwise been necessary, because what they knew woud come to pass has come to pass.
Step 3: reverse of Step 1 mistake : relax lockdown too much [even have negative lockdown with subsidies for risky things], because of a perception that deaths saved have to be weighed against the £ from relaxing the lockdown.
Step 4: go back to step 1.
The latest mistake was the most stupid, as it was made in the shadow of the certainty of the vaccine, in fact, in its latter stages while one arm of govt was actually pumping it into our arms.
Obvs the more certain and close up the vaccine is, the more a death from covid postponed is actually one avoided entirely.
The peversity of the mistakes can't be overstated. 'I don't want to make this up front investment in better health and a virus free economy and normal spending, so I will wait until later, when the up front investment is much more expensive.'
And, perhaps making this mistake was explicable the first time. But not the second. And even less, the third.
The 2nd and 3rd cycles seemed to get punctuated with a pop at the opposition for suggesting they do what the government later succumbs to doing. Revision: 'Step 1: refuse to lockdown and sneer at opposition for suggesting they should.'
The tragic irony here is that there should not be a trade-off between £ and health if anti-virus policy is done determinedly and seen through. But in doing it badly, and bending to those who falsely think there is one, they actually risk creating exactly this trade off!
Oh actually I forgot it should be 'Step X: refuse to lockdown; sneer at opposition for suggesting you should; threaten legal action against schools that try to pre-empt what you will tell them to do anyway later'.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Tony Yates

Tony Yates Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @t0nyyates

19 Dec
Lockdowns have obviously done the opposite, which is why the govt has been forced to introduce another one today. A shame that an MP comes out with a clear untruth here.
Steve contradicts himself later, demanding a plan for how vaccines allow a return to normal life. On its own terms, this is a fair ask. But if you thought lockdowns did not work, why would you need a plan that related to vaccine roll outs? You just relax lockdowns right away
If you are going to tell porkies about lockdowns for ideological reasons, then you should at least stick to your story.
Read 10 tweets
16 Dec
140k vaccinated in a week sounds good but that's roughly 7.3m a year. Prob need 30% or more of the pop, ie 20m to make a serious dent in the R with no restrictions. So obvs the vaccination program has to step up dramatically to make a difference sooner.
Looking at the Our World in Data case fatality rate by age, data for South Korea shows you have to get down to the 30-39 age group until the rate is similar to that for flu.
About 50 per cent of the UK population is 40 or over. So you need to vaccinate 33 million to get the case fatality rate of covid19 down to that for flu. I think that's right.
Read 8 tweets
12 Dec
Amateur economist MMT-converts are very like the religious people I have occasionally met who confidently recite creationism.
Creationism mostly stems from ignorance and insulation from good scientific education. Amateur economist MMT-ism, prevalent in journalism, finance, retired finance, stems from the same ignorance.
Economics rightly does not have the same status as science. But this is more true of the answers. The questions and controversies are rich and interesting. You sound silly barking MMT and revealing your lack of curiosity about all those questions.
Read 9 tweets
12 Dec
Nope. Tax does fund spending. The inflation or money creation tax funds a fraction of a per cent of GDP. Power to issue money and its understanding, to a first approximation, is irrelevant to the task of funding and rebuilding state capacity.
Richard I think is typical of the MMT genre. Very clever, probably for that reason deems reading and working through mainstream public finance maths and macro tedious and unnecessary, and prefers to try to reinvent it from scratch in his head. And goes wrong.
I don't think it's a coincidence that MMT advocates are not emerging from mainstream graduate programs. Obvs MMT people will cite brainwashing as the explanation for that.
Read 7 tweets
10 Dec
So John Cochrane is enthusiastic again about markets, after Trump's four years attacking them. johnhcochrane.blogspot.com/2020/12/free-m…
The quick answer to this post is 1) there are ethics too. 2) if you don't have free markets to start with, don't presume that dropping some regulation will make them free-er.
Actual economies - like the US - are infested with rents. So if you allocate vaccines to the highest bidder, you might just be rewarding rent extraction.
Read 8 tweets
10 Dec
I didn't like this. Brexiters are 'purple faced'. Remainers are 'that same insufferable London type'.
And what is this?
Who is supposed to be 'totally unconcerned about the root causes of other people's unhappiness'? What is the evidence for 'low skill immigration' having broken 'the social contract'?
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!