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Max Gulker explains that basic economics taught well conveys the reality and importance of market processes. A slice:

Faced with uncertainty across so many dimensions, reopening firms are not simply central planners with smaller jurisdictions than government. Their best practices emerge as they do business in this new landscape, observe price signals, make mistakes, and ultimately adjust countless times. The process of competition is what central planners can’t replicate.

Speaking of process, Logan Chipkin reviews Matt Ridley’s new book, How Innovation Works.

Alberto Mingardi continues to be unimpressed with Marianna Mazzucato’s efforts to credit the state with accomplishments for which it deserves no credit. A slice:

This is standard Mazzucato. Shining words and great parsimony of details. How were academia, the army, the private sector, and civil society mobilized? Who did what? What incentives were put in place, how was spending channeled through? We are asked for a leap of faith: it was “the State”.

Omigosh, how the lives of ordinary people in the modern world have improved since the 1990s! (HT Russ Roberts)

Scott Atlas, John Birge, Ralph Keeney, and Alexander Lipton predict that the covid lockdown will prove to be very lethal.

Scott Sumner rightly praises this excellent tweet by Matt Yglesias.

David Hart offers a brilliant and deep history on Bastiat’s ‘Seen and Unseen.