Context: Lockdowns need to be guided by trade-offs between harsh and mild policies.
Benefit of lockdowns
Cost of lockdowns
Assessing the cost of life
Issues in assessing the cost of life: All lives cannot command the same value - If an aged person’s life has the same value as that of a younger person. A person’s own valuation of his life may well differ from the way policymakers are likely to value it.
Conclusion: Calculating the social benefit of lockdowns continues to be a puzzle. Yet, lockdowns shall be carefully designed, guided by trade-offs between harsh and mild policies.