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Covid-19 pandemic is not a black swan event

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Economics in One Virus: “It suits both CEOs and politicians to believe this and convince us that it is true. If nobody could have possibly foreseen the pandemic, then it absolves politicians and businesses from many of their failures in preparing or reacting to the eventuality."By calling the pandemic a black swan, it becomes easy for CEOs to lobby the government to bail them out with taxpayer money.

As far as politicians are concerned, by categorizing the outbreak as a black swan event, they don’t need to explain to people why they were caught completely unprepared for it.Hence, both politicians and CEOs have an incentive to label the pandemic a black swan event.

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