“There are many things we don’t yet know about the new omicron variant of COVID-19. Is it more contagious than delta? Will existing vaccines work against it? Is it more lethal?
“Precisely because we don’t know the answers to these questions, we certainly shouldn’t get hysterical. But neither should we be complacent.
“As has been the case ever since the very first COVID-19 cases emerged in China almost two years ago, what we need to do is to make effective decisions amid a great deal of uncertainty.
“Indeed, if you – or more importantly our policymakers – have been taken by surprise by omicron, then that suggests a failure of what economists call “decision-making under uncertainty”.”
Read more at Financial Review