The difference between modern economics and proper economic thinking lies in taking the step that comes after arriving at the "unseen," to the "unrealized."
Hacking off soldiers' limbs was a favorite technique of Civil War surgeons, largely because doctors wanted to avoid blame for later cases of gangrene. So doctors erred on the "safe" side. Many patients may have disagreed.
How do the shutdowns increase ageism? Because millions have arguably been thrown out of work in the name of protecting the elderly. The resulting economic devastation comes at the expense of younger workers, parents, students, and families.
In this crisis the money supply has already increased far more than during the last crisis. But it's hard to say when this will produce inflation because we're still in the midst of a demand shock and a collapse in oil prices.
