When we issued our previous newsletter a month ago When China Sneezes the World Catches A Cold, we did not envision that COVID-19 would also become the topic of our March edition. But here we are, and I am reminded of a review of a book called Contagion I wrote back in 2014 for Yale University Press. The author's thesis is that it is not the epidemic, but the surrounding panic, that causes the most economic damage. I agree with him still.
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