I think the safest thing
we can say about the coronavirus problem is that it's too complex for anyone to
fully understand. If you try to measure on a scale of 0-100 what you think the
national response should be (pretending you don't know full well that the government
can't do anything like as much as people think), where 0 is 'carry on as you
were and do absolutely nothing', and 100 is 'the country in near lockdown', the
right response rating is going to be somewhere between 0-100. But not only is
it the case that no one knows exactly what the right number response rating is,
it's also inevitable that the right number response rating changes each day
with each changing situation.
The situation today is roughly as the epidemiologists predicted - the virus has spread considerably and will infect many more people as it heads towards its peak. We also know that the coronavirus is growing exponentially, and that the earlier the countries responded with things like social distancing and self-isolation, the slower the spread of the virus.
For some, it seems obvious
– the UK
government has made a huge blunder by not reacting earlier to encourage social
distancing and putting us in lockdown. But as I said, this problem is highly
complex, and just because some countries slowed the spread of the virus by
acting early, that doesn't mean every country should do the same.
Here's why. Let me tell
you a few things we don't know. We don't know how many people in the UK have the
coronavirus, we don't know the dynamics of exactly how it will spread, or
exactly how fast, or among whom, nor the patterns of immunity, nor the complex
dynamics of knock-on effects. But I can tell you two things I do know with a
reasonable degree of confidence.
First, you as an
individual know your own cost-benefit ratios for every social situation better
than anybody else. If the benefit of a particular event of social interaction
isn't significant to you, then stay at home. And like a sorites-type analysis
(when does a heap become a heap?) the older you are, the more important this
cost-benefit consideration becomes. Don't take unnecessary risks for relatively
small gains. There are so many positive things you can do when you're
self-isolating - things that really matter; prayer, meditation, contemplation,
reading, learning, family relationship-building, writing emails to friends,
catching up on jobs your future self won't have time to do when things are
busier, you name it.
Second, in case anyone
isn't entirely clear on this, the reason people shouldn't panic buy isn't just
because we should all be kind, thoughtful citizens who need to be mindful of
the negative effects on society's most vulnerable (although that is a good
enough reason in itself). No, it's also because, even if your short-term
interests are narrow enough to stockpile, and you think it's wise to only look
after yourself and your immediate family, you'll very likely go on to hurt your
future self and your future immediate family too in the long run, because
further down the line everyone's well-being and stability is both proximally
and distally connected to everyone else's.
To see why, imagine if
panic buying yields something like a Pareto distribution (otherwise known as
the 80/20 rule - roughly 80% of the effects come from 20% of the causes), where
a high proportion of the necessary goods are stockpiled by a small proportion
of the people - it could slowly knock-on to retard the supply and demand
distributions across the UK, until it hurts people the stockpilers also rely
on. Somewhere down the line, the teachers, nurses, bus drivers, shop assistants
and delivery drivers might pay the price of your stockpiling in a way that
snaps back to undermine the supply chains to the goods and services on which
your future self and your future immediate family will also rely. The economy
needs to stay as stable as possible, and the supply and demand links must flow
as steadily as possible for the good of everyone. Everyone carrying on only
buying what we need is a good way to help this stability.
Nobody, including me,
knows exactly the best way to tackle the coronavirus outbreak in exactly the
right way with exactly the right courses of action at exactly the right times -
and anybody that tells you otherwise is either a liar or deluded. But I'm going
to make a suggestion that has a good chance of being somewhere near right. Just
like the damage to the supply and demand chains I mentioned with the panic
buying, it is also probable that short-term overreactions in terms of
obstructing economic activity could decimate the economy in the longer term in
ways that could harm society even more than the eventual medical effects of the
coronavirus.
In other words, if you’re
faced with the prospect of an economic recession (x) and a mass infection (y),
you are only realistically going to see one of the following outcomes:
1) No x and no y
2) X but no Y
3) Y but no x
4) Both x and y
If we assume that 1 simply
isn't going to happen, that it seems fairly certain that y is going to happen
(which also rules out 2), and agree that 4 is cleary the worst scenario and the
one we really want to avoid most, then it's clear that number 3 would be our
least bad of all the realistic scenarios. Like everyone else, I do not know if
we can achieve number 3, and even if we could, I'm not even sure how we could
achieve it - but if there's an outside chance that in the medium to long term
the probability of an utterly decimated global economy could be traded off
against a slightly larger set of infected people in the short term, then it's
possible that not going into a complete shutdown is something our future selves
will thank us for in the long run.
Given that a lot of people
are going to be infected, they can either be infected with a decimated economy,
or with only a badly hit economy, and it isn't easy to know how bad the
economic damage will be, or the rate of the spread of infection, because the
further into the future we try to go with our predictions, the greater the possibility of margin of error.
But equally, it isn’t obvious that we could have realistically stopped an
exponential spread, given that we don't have an authoritarian political system,
and that so many infected people remained under the radar, so there might be
some unseen wisdom in the government's current strategy, even if it seems to
many quite counterintuitive.
The upshot is, even though
the natural instinct might be to try to protect everyone by mass isolation and
shutting down large swathes of our industry, it really may not be the best
medium to long-term strategy for maximising human utility. The best response
might well be a mass bottom up approach whereby people act on new information
in accordance with a medium term strategy that maximises the immediate interest
as best they can. So for example, we know age determines risk of death, which
means older people should act in conjunction with the greater risk their
freedom poses. For now, don't go to places you don't need to go to, don't put
any unnecessary strain on the NHS, and assume the conditions that minimise your
chances of infection with the optimum trade off in a way that maximises value
for you and your loved ones in the short term but also for the medium to long
term strategies of our future selves.
To see why this might be
the best approach, consider an illustration. The economy is finely balanced
with a delicate framework of connectivity- it took hundreds of years to evolve
and develop. It is a bit like a well-functioning brain, and a damaged economy
is a bit like the process of necrosis, which is where cells are damaged by
things like infection, inflammation, injury, blood flow or trauma, leading to
overall cognitive impairment. The more the brain is damaged by necrosis, the
worse the cognition becomes, and the worse it can become still.
Damage to various sectors
of industry could work in a similar (although not exactly identical) way. The
more the supply chains are undermined, the more barriers to trade emerge, the
more income lost, the more people are out of work, the bigger the economic
damage - and once an economy becomes damaged to that extent, it could quite
easily set off a kind of social butterfly effect of shortage, hunger and mass
deprivation that governments are powerless to repair, and from which humans
find it difficult to recover quickly.
The safest bet is we'd do
well not to over-react or under-react, and we'll do even better if we don't get
the balance of our short-term and medium to long-term trade offs wrong - but as
for the right measure, it's difficult to say on any given day.