According to the International Monetary Fund (IMF), global fiscal support in response to the crisis will be more than $9 trillion, approximately 12 percent of world GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way which we have not seen since World War II. The enormous increase in public spending and the fall in output will lead to a global government debt figure close to 105 percent of GDP.

Demand curves slope in a downward direction. This means that the higher the price, the less of an item, or good, or service will be sought. The more roadblocks, hurdles, thumbtacks, placed in the way of any given action, the less likely it will occur. Economists do not agree on many things, but on this insight there will be nary a dismal scientist who will not acquiesce.

Yet there are several public policies in place that are incompatible with this commonsense understanding.

Imagine an articulate chief lemming bragging that not only had his followers jumped off a cliff, but that they had done so in far greater numbers than any other slice of the rodents. This is the position occupied by the US regarding testing for COVID-19.We’ve done more testing than any other country and bragged a lot about doing so; but no one seems to have survived to give a proper interpretation of the results.