As waves of panic related to coronavirus roil the globe and the markets, there is a feeling in the air that “this time it's different”—that this outbreak could reach truly disastrous proportions, dealing a blow to our economy and investments. First of all, the cumulative death toll from all the feared infectious pandemics of the past-quarter century—mad cow disease (1996), SARS (2002), bird flu (2004), swine flu (2009), Ebola (2014), Zika (2016) and the ongoing coronavirus, or COVID-19 (2020)—doesn't add up to the death toll of a single season of influenza. It's a classic principal-agent problem, in which one decision-making entity (the “agent”) has undue influence over another (the “principal”).
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