Paul Romer, who obtained recognition in 2018, assured that his proposal avoids having to choose between letting people die or the economy falling.
The 2018 Noble Prize for Economics, Paul Romer, proposes a battle plan against the coronavirus that has nothing to do with financial stimulus packages. Instead of mega-million dollar stimulus packages, the New York University professor sYou should invest heavily in the large-scale production of virus detection tests and protective equipment.
As he explained in an interview with the Brazilian press, after an article published in The New York Times, “the only sure way for people to return to work is to boost testing on a massive scale and supply large amounts of protection elements to the population. If we do that, we will not have to face the current terrible dilemma between letting people die or letting the economy die. It will take some time, a month or two to get the test kits and protective gear, but that is precisely why we urgently need to invest in those two solutions. “
“There is a consensus that the economy can survive a couple of weeks of isolation and that this will help save many lives. So in the meantime we have to do that. But within a month we will have to have better options because the economy cannot lower the blind for a year or a year and a half, “he added.
As for the cost and deadlines that this proposal would demand, he stated that “it will be a while until we have tests and sufficient equipment, but if today we spend 100 billion dollars on that, in a few months we will have everything necessary. The governments say saying that they do not reach the test kits, but that is simply absurd: if they do not have it now, what they have to think about is how to get them. ”
“The production of tests and protective equipment must be drastically increased. And that effectively implies the reconversion of existing productive capacity towards that goal. It will not be cheap or easy, but it will be much cheaper than allowing the collapse of our economies “, full.
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