Was Australia right to shut down to slow coronavirus? The economists’ verdict
Debate now turns to how quickly to relax Covid-19 restrictions, and whether lockdowns made sense in the first place
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As Australia begins to relax its Covid-19 restrictions there is understandable debate about how quickly that should proceed, and whether lockdowns even made sense in Australia in the first place.
The sceptics arguing for more rapid relaxation of containment measures point to the economic costs of lockdowns and appeal to the cold calculus of cost-benefit analysis to conclude that the lives saved by lockdowns don’t justify the economic costs incurred to do so.