Yaron Brook, in an excellent Twitter thread, makes an off the cuff outline of how he thinks a free-market would respond to the COVID-19 crisis:

In a truly capitalist society, here is how the market responds:

1. Health insurance companies monitor for health risks (they have an economic interest to do so).

2. Warn early — implement plans with hospitals, that have been developed well in advance.

3. Demand from hospitals for extra equipment, causes prices to go up quickly.

4. The market responds by bringing on new capacity quickly.

5. Groceries raise prices on high in-demand goods, thus reducing “hoarding” and assuring continued supply.

6. Hospitals (all private, and in a completely private market) activate emergency plans (which they have a profit-motive to have) for additional beds (in mothballed buildings, local hotels, or other facilities).

7. Private pharmaceutical companies and labs develop tests at the request of hospitals and clinics.

8. Private clinics start testing in mass.

9. Goverment’s job — to make sure those who are a threat to others, are isolated.

10. Private media and health experts, provide objective (non-political) advice to individuals and companies on how to deal, in the context of their own lives, with the pandemic.

11. Testing provides individuals and companies with the kind of information crucial to making rational decisions.

12. Private labs and pharma companies rush to innovate treatments and vaccines.

13. Private testing and certification organizations (“FDA” replacements) ramp up to approve test kits, treatments, and vaccines.

14. Business adjusts to peoples’ preferences for safety. Put in necessary protections and conveniences…

15. People who don’t follow the reasonable guidelines suffer social ostracism and left to suffer consequences.

16. Insurance contracts could be written in ways that say — if you want to be covered, behave…

Feel free to add — private market responses to pandemic…

You can read the original thread and the responses here.

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