While considerations of health are of the utmost importance during a pandemic, they may not tell the full story. Millions of Americans face increasing economic challenges in the face of COVID-19, and questions are looming as how best to respond. In this episode, Dr. Russ Roberts of the Hoover Institution and Rep. Crenshaw discuss the current economic crisis, as well as past economic struggles. What constitutes human flourishing and truly "living"? Do our usual economic metrics take into account the "intangibles" or rather, those factors which are not traditionally quantified? Which economic policies would make the most sense right now, given the relatively unknown nature of this pandemic? How have long-standing, warped incentives within the healthcare industry contributed to our current supply chain woes? Dr. Roberts answers these questions, as well as a host of others.
Dr. Russ Roberts is a Fellow at Stanford University’s Hoover Institution and hosts the weekly podcast EconTalk. He has written extensively, including his latest book Gambling With Other People’s Money: How Perverse Incentives Caused the Financial Crisis, which examines the role that historical bailouts played in fueling the 2008 crisis. He has taught at George Mason University, Washington University in St. Louis, University of Rochester, Stanford University, and UCLA. Dr. Roberts earned his PhD from the University of Chicago and his undergraduate degree in economics from the University of North Carolina at Chapel Hill.