Vance Ginn Economics
  • Home
  • About
  • CV
  • Media
  • Blog/Podcast
  • Show/Speeches
  • Publications
  • Teaching
    • ECON 2301-Princ of Macro
    • ECON 2302-Princ of Micro
    • ECON 3352-Energy Eco
  • Home
  • About
  • CV
  • Media
  • Blog/Podcast
  • Show/Speeches
  • Publications
  • Teaching
    • ECON 2301-Princ of Macro
    • ECON 2302-Princ of Micro
    • ECON 3352-Energy Eco

Let Entrepreneurs Solve COVID-19

8/18/2020

0 Comments

 
​Until now, governments in America have never shut down society like they did due to COVID-19. Unfortunately, the destruction by the novel coronavirus and the lockdowns have devastated lives and livelihoods. 

But we must consider not only the effects we can see such as the number of cases and deaths reported, but also the unseen effects of government action, such as sidelining entrepreneurs to solve problems. 

There’s no doubt that daily reports of (often flawed) COVID-19 data and the responses by government have elevated fear among us. But what’s worse is that the lockdowns have substantially limited our Creator’s design for us to be social, and sidelined entrepreneurs’ ability to conquer this disease. 

The first is self-explanatory. Even if you don’t believe in a Creator, the evidence of the harm lockdowns have caused or contributed to is heartbreaking.

There’s evidence that the situation has resulted in increased suicides, more cancer deaths, worsened mental health, and elevated cases of severe child abuse. And as many businesses closed their doors, Yelp reports that more than half won’t reopen. 

Less business activity has contributed to GDP growth in the second quarter likely contracting by a record pace, 12 million more people unemployed, and many Americans on welfare programs.

The psychological and economic tolls this Great Disruption is having on Americans will be long-lasting. We need a proven path that safely deals with the real issues surrounding COVID-19 while allowing us to be social and conquer the disease more quickly.

We must put entrepreneurs back in the game.  

The entrepreneurial spirit is unlocked in our typical system of free enterprise with limited government intervention. This spirit creates a process of risk and discovery through profit-loss that has created breakthroughs by entrepreneurs in conquering fear and improving lives and livelihoods. 

Just think about how this system has benefited people across the globe by eliminating many infectious diseases, largely eradicating famine, and substantially reducing poverty.  

These include allowing the U.S. to overcome the Spanish flu in 1918, the diphtheria peak in 1921, polio outbreaks in 1916 and 1952, and swine flu in 2009 without governments locking us down. That allowed entrepreneurs in health care and elsewhere to design innovative ways to overcome these obstacles. 

We’re told this time is different, so more severe restrictions were necessary. While possibly necessary for the elderly and the vulnerable, it’s questionable for everyone else. 

For example, Stanford University’s disease prevention chairman Dr. John Ioannidis said, “For people younger than 45, the infection fatality rate is almost 0%. For 45 to 70, it is probably about 0.05%-0.3%. For those above 70, it escalates substantially.” 

By allowing fear from COVID-19 headlines to drive government decisions instead of the full context of the situation, we lose many opportunities to improve our world. 

Entrepreneurs are trying to conquer our fears despite the draconian government policies.

They have done this at the businesses we all frequent by helping to reduce the virus’ contagion including using Plexiglas dividers in stores, requiring masks for entry, and creating stickers to help with social distancing. Their innovation has been alive and well at restaurants by expanding the use of mobile ordering and even food delivery robots to keep selling their foods. There are many more finding therapeutics and ultimately a vaccine.

But these extraordinary measures to deal with COVID-19 are just the tip of the iceberg to what human ingenuity could bring if our entrepreneurial spirit is allowed to thrive. But governments have been using political calculations to address a problem they can’t do well, if at all. 

Governments don’t work well in a crisis. 

They are short-sighted and wrongly impose one-size-fits-all policies that often fit very few. The same is true this time around with universal masks, lockdowns for everyone, or closings of specific businesses rather than focusing on protecting the vulnerable populations. 

Not opening government schools to in-person instruction would make the situation worse. That’s why many parents are seeking alternatives, such as informal school “pandemic pods” and homeschooling.

Let’s give entrepreneurs (meaning all of us) the opportunity to seek solutions to the COVID-19 situation as we have many times before, so that we will have increased liberty, more calm, and greater flourishing.

​https://www.houstoncourant.com/houston-voices/2020/let-entrepreneurs-solve-covid-19
0 Comments



Leave a Reply.

    Vance Ginn, Ph.D.
    Chief Economist
    ​TPPF
    ​#LetPeopleProsper

    Vance Ginn, Ph.D., is founder and president of Ginn Economic Consulting, LLC. He is chief economist at Pelican Institute for Public Policy and senior fellow at Young Americans for Liberty and other institutions. He previously served as the associate director for economic policy of the White House’s Office of Management and Budget, 2019-20.

    Follow him on Twitter: @vanceginn

    View my profile on LinkedIn

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    January 2015
    November 2013
    September 2013
    May 2013
    February 2013
    August 2012
    July 2012
    January 2012
    May 2011
    April 2011

    Categories

    All
    Biden
    Book Reviews
    Budgets
    Capitalism
    Carbon Tax
    Commentary
    Congress
    COVID
    Debt
    Economic Freedom
    Economic Prosperity
    Economy
    Education
    Energy Markets
    Fed
    Free Trade
    Ginn Economic Brief
    Healthcare
    Housing
    Immigration
    Inflation
    Interview
    Jobs Report
    Let People Prosper
    Licensing
    Louisiana
    Margin Tax
    Medicaid
    Minimum Wage
    News
    Occupational Licensing
    Opportunity Project
    Pensions
    Podcast
    Poverty
    Property Taxes
    RAB
    Regulation
    Rules
    School Choice
    Socialism
    Spending Limits
    Taxes
    Tax Foundation
    Testimony
    Texas
    This Week's Economy
    Transparency
    Video
    White House

    RSS Feed

Proudly powered by Weebly