Economists measure policy options and their consequences in terms of monetary costs or GDP. But the dilemma policymakers have faced since the outset of the pandemic is fundamentally a moral one, rooted not least in the question of when individual preferences should prevail over collective interests.
HONG KONG – As the COVID-19 pandemic entered its third year, the United States was enjoying a protracted stock-market boom, and China’s global trade surplus had reached record highs. There is reason to believe these trends will not last: notably, with the US Federal Reserve set to tighten monetary policy in the face of rising inflation, the US stock market has tumbled.
HONG KONG – As the COVID-19 pandemic entered its third year, the United States was enjoying a protracted stock-market boom, and China’s global trade surplus had reached record highs. There is reason to believe these trends will not last: notably, with the US Federal Reserve set to tighten monetary policy in the face of rising inflation, the US stock market has tumbled.