No one has all the answers for COVID-19 policy – Chicago Booth Review

"The notion of trade-offs, or the idea that there is an opportunity cost to any choice, is central to much of economics. The study of these trade-offs is often associated with traded quantities (the dollar value of things such as domestic production, interest rates, workers’ salaries, etc.), but the COVID-19 pandemic places economists in the uncomfortable position of examining things such as the economic value of human life, the quality of such lives, and the human stresses related to attending to a pandemic."