No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Tuesday, January 27, 2026
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Economy

Preferences Informed by Information – Econlib

by TheAdviserMagazine
4 months ago
in Economy
Reading Time: 5 mins read
A A
Preferences Informed by Information – Econlib
Share on FacebookShare on TwitterShare on LInkedIn


During the late 1990s a scientific paper investigating the link between the MMR vaccine and Autism was published in the prestigious medical journal The Lancet. Mayhem followed. Anti-vaccine attitudes increased, along with the presence of Measles. However, the paper’s finding were fabricated. Although the paper was later retracted by The Lancet, Pandora’s Box had been opened. America was infected with yet another wave of the anti-vaccine movement during the COVID-19 pandemic. In 2021, 1 in 12 Americans identified as an anti-vaxxer, and death from COVID-19 was 170 percent higher where vaccine hesitancy was more common.

It has been over five years since the COVID-19 pandemic ravaged the United States, killing over 1.2 million people, and costing the American economy over $16 trillion. The pandemic revealed the weaknesses of public health institutions in communicating complex medical information while respecting individual freedom. Emily Oster, professor of Economics at Brown University, and New York Times bestselling author, argues during her sixth appearance on EconTalk that public health depends on delivering Americans the relevant information to make their own informed choices, not telling people what to do.

Misinformation seems to have taken over the health world, while public health officials try to correct the record. Oster asserts that establishing the facts means that no information can be left out, including the potential side effects of treatments and limits to current scientific knowledge. Oster and Roberts acknowledge that there is a risk to telling the full story; some individuals may still avoid a potentially life-saving vaccine or perfectly safe medical treatment. But to Oster, nuanced information must be provided, because people have different preferences. Complete information combined with preferences creates room for individuals to make the right choices for them. 

Oster also acknowledges that many people simply do not listen to public health officials, while citing the example of raw milk drinkers. Oster explains that the technological feat of pasteurization has saved millions of lives, as raw milk has regularly caused outbreaks of tuberculosis and food-borne diseases. Oster acknowledges that even though drinking raw milk is unsafe, some people will choose to do it regardless of what public health officials say. Failing to communicate with nuance removes the potential to reduce harm.

Oster draws a comparison to her area of expertise, parenting- specifically, parents who co-sleep with their babies. Oster states that co-sleeping is incredibly dangerous, but even when people are presented with this information, many continue to do so. To Oster, navigating this issue requires acknowledging that people are not perfectly rational robots, and hence the pursuit of the next best outcome must be resorted to. Oster believes that communicating with parents how to more safely co-sleep with their babies, while  simultaneously acknowledging the risks, will lead to far safer outcomes as opposed to simply hoping parents will change their behavior.

Roberts points out that these exact arguments show that public health officials should not be telling people what choices to make. Roberts and Oster agree that the decline in the trust of public health officials is due to a lack of transparency in acknowledging uncertainty alongside a failure to explain tradeoffs. For example, Oster finds that during the COVID pandemic, public health officials frequently changed their advice without explaining why, or were simply too cautious, such as within the rush to close schools. Oster herself came out against closing schools, believing in-person education to not pose a significant threat of spreading COVID. In retrospect, Oster finds that closing schools was an even bigger mistake than she thought at the time because of the profound negative effects on children’s educational and social development.

Part of the reason I pushed this so hard in October of 2020 was it already seemed to me like this was really going to be very bad for kids and their learning. I think that’s proved to be right. I’ve continued a project in the wake of the pandemic about what’s happened to test scores, which especially in places that had closed schools–took an enormous hit during the pandemic. They’re crawling back, but we have not seen a recovery. And it’s now many school years from then. I think that there are cohorts of kids who are going to be affected forever.

Roberts believes this issue to be a good example of how economists uniquely analyze issues through thinking about the opportunity costs of the various alternatives. Oster and Roberts do not refute the reality that fully opening schools during a pandemic would have had some inevitable cost of life to it but agree that the opportunity cost of a much higher level of social dysfunction was not the preferable alternative. Oster adds that activists who thought they were protecting the disadvantaged did not consider the fact that impoverished children are the most adversely affected by school closures, showing how digging deeper than the immediate costs and benefits can shift analysis towards developing comprehensive policy decisions.

There is no consensus on the public health lessons from the pandemic. COVID remains a contentious issue with deep partisan divisions. Mistakes from public health officials and politicians, combined with failures from the American public in receiving medical information produced an institutional response where neither the best, nor the next best alternative was the outcome.

Emily Oster makes the case that nuance is the lesson from the pandemic, it is the key to ensuring history does not repeat itself during future public health crises. Nuance allows public health officials to effectively combat misinformation while acknowledging the gaps in scientific knowledge. Neither was done during the pandemic, and it resulted in a loss of trust in public health institutions, and a consequent anti-vaccine wave that killed thousands of people. The path forward is to enable both those who are receptive and skeptical of information from public health authorities to make the decisions that are best for them.

 

Related EconTalk Episodes:

Brian Deer on Autism, Vaccination, and Scientific Fraud

Emily Oster on the Pandemic

Ed Yong on Science, Replication, and Journalism

Emily Oster on Cribsheet

Vinny Prasad on the Pandemic

 

Related Liberty Fund Network Content:

Economic Lessons from COVID-19, by David Henderson, at EconLog

The Public Health Leviathan, by G. Patrick Lynch, at Law and Liberty

The Bias in Health Science, by Richard Gunderman, at Law and Liberty

The Economic Approach to Public Health, by Pierre Lemieux, at EconLog

Lauren Hall on the Medicalization of Birth and Death, The Great Antidote Podcast, at Adam Smith Works

 

Kevin Lavery is a graduate student in the M.S. in Economics program at Georgetown University. He holds dual Bachelor of Science degrees in Economic Analysis and Political Science from Western Carolina University, where he graduated in Spring 2025.



Source link

Tags: EconlibInformationInformedpreferences
ShareTweetShare
Previous Post

The Most (and Least) Enjoyable Airports in America, According to Travelers

Next Post

Explore Dynamic Commerce Before Retailers Eat Your Lunch!

Related Posts

edit post
China’s industrial profits edge up in 2025, reversing three years of declines

China’s industrial profits edge up in 2025, reversing three years of declines

by TheAdviserMagazine
January 26, 2026
0

NINGBO, CHINA - JANUARY 22: Employees work on the production line of snowboards at a workshop to meet the orders...

edit post
Oracle Debt and TikTok Transition Troubles Vex the Ellison Media Empire

Oracle Debt and TikTok Transition Troubles Vex the Ellison Media Empire

by TheAdviserMagazine
January 26, 2026
0

Oracle and TikTok are overshadowing the problems at Bari Weiss’ CBS News this week. Larry and David Ellison are attempting...

edit post
Republicans and MAGA: Carrying a Gun Is a Bad Thing Now

Republicans and MAGA: Carrying a Gun Is a Bad Thing Now

by TheAdviserMagazine
January 26, 2026
0

It’s increasingly difficult to imagine anything the Trump administration can do that conservatives and Republicans will not make excuses for....

edit post
Iran – Socrates & Geopolitics

Iran – Socrates & Geopolitics

by TheAdviserMagazine
January 26, 2026
0

QUESTION: Mr. Armstrong, you warned that Iran would face a crisis in February 2026. You also said Iran would enter...

edit post
Zionism, the Melting Pot, and the Galveston Project (with Rachel Cockerell)

Zionism, the Melting Pot, and the Galveston Project (with Rachel Cockerell)

by TheAdviserMagazine
January 26, 2026
0

0:37Intro. Russ Roberts: Today is December 23rd, 2025. And, before I introduce today's guest, I want to encourage you to...

edit post
The Year Of Water – Blue Initiatives To Replace Green

The Year Of Water – Blue Initiatives To Replace Green

by TheAdviserMagazine
January 26, 2026
0

The WEF isn’t satisfied controlling your energy, food, and money—now they’re coming for water. Gim Huay Neo, WEF Managing Director,...

Next Post
edit post
Explore Dynamic Commerce Before Retailers Eat Your Lunch!

Explore Dynamic Commerce Before Retailers Eat Your Lunch!

edit post
Constellation Brands (STZ) set to report Q2 2026 results. Here’s what to expect

Constellation Brands (STZ) set to report Q2 2026 results. Here’s what to expect

  • Trending
  • Comments
  • Latest
edit post
Most People Buy Mansions But This Virginia Lottery Winner Took the Lump Sum From a 8 Million Jackpot and Bought a Zero-Turn Lawn Mower Instead

Most People Buy Mansions But This Virginia Lottery Winner Took the Lump Sum From a $348 Million Jackpot and Bought a Zero-Turn Lawn Mower Instead

January 10, 2026
edit post
Utility Shutoff Policies Are Changing in Several Midwestern States

Utility Shutoff Policies Are Changing in Several Midwestern States

January 9, 2026
edit post
80-year-old Home Depot rival shuts down location, no bankruptcy

80-year-old Home Depot rival shuts down location, no bankruptcy

January 4, 2026
edit post
Tennessee theater professor reinstated, with 0,000 settlement, after losing his job over a Charlie Kirk-related social media post

Tennessee theater professor reinstated, with $500,000 settlement, after losing his job over a Charlie Kirk-related social media post

January 8, 2026
edit post
Elon Musk Left DOGE… But He Hasn’t Left Washington

Elon Musk Left DOGE… But He Hasn’t Left Washington

January 2, 2026
edit post
Former Carson Group marketing executive drops lawsuit

Former Carson Group marketing executive drops lawsuit

December 29, 2025
edit post
Leadership jitters, valuation concerns weigh on Eternal even as consumption shows green shoots

Leadership jitters, valuation concerns weigh on Eternal even as consumption shows green shoots

0
edit post
Fastenal Co (FAST) Q4 2025 Earnings Call Transcript

Fastenal Co (FAST) Q4 2025 Earnings Call Transcript

0
edit post
Limits on ICE agents in Minnesota blocked by appeals court

Limits on ICE agents in Minnesota blocked by appeals court

0
edit post
Lincoln’s Blueprint for Ethical AI

Lincoln’s Blueprint for Ethical AI

0
edit post
China’s industrial profits edge up in 2025, reversing three years of declines

China’s industrial profits edge up in 2025, reversing three years of declines

0
edit post
Majority of Leading US Banks Exploring or Offering Bitcoin Services

Majority of Leading US Banks Exploring or Offering Bitcoin Services

0
edit post
Leadership jitters, valuation concerns weigh on Eternal even as consumption shows green shoots

Leadership jitters, valuation concerns weigh on Eternal even as consumption shows green shoots

January 27, 2026
edit post
Majority of Leading US Banks Exploring or Offering Bitcoin Services

Majority of Leading US Banks Exploring or Offering Bitcoin Services

January 27, 2026
edit post
You know someone values money over people when they display these 7 subtle behaviors

You know someone values money over people when they display these 7 subtle behaviors

January 27, 2026
edit post
China’s industrial profits edge up in 2025, reversing three years of declines

China’s industrial profits edge up in 2025, reversing three years of declines

January 26, 2026
edit post
Why owning sector leaders could be a smarter core bet in 2026, Axis Mutual Fund’s Karthik Kumar explains

Why owning sector leaders could be a smarter core bet in 2026, Axis Mutual Fund’s Karthik Kumar explains

January 26, 2026
edit post
The CIO’s Guide to AI Readiness

The CIO’s Guide to AI Readiness

January 26, 2026
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Leadership jitters, valuation concerns weigh on Eternal even as consumption shows green shoots
  • Majority of Leading US Banks Exploring or Offering Bitcoin Services
  • You know someone values money over people when they display these 7 subtle behaviors
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.