Image by Thomas Hawk via Creative Commons

Barry Schwartz asks why our hospitals were not ready for the COVID-19 pandemic. ""Why hadn’t we stockpiled key supplies and machines, built up hospital capacity, or ensured the robustness of our supply chains? The reason, of course, is that it would have been seen as inefficient and profit-robbing. Money spent on masks and gowns gathering dust in a warehouse could always be put to more ‘productive’ use in the marketplace. Likewise, employing more people than needed under ‘ordinary’ circumstances, or making products yourself rather than relying on international supply chains, would have been seen as inefficient. One lesson, then, is that to be better prepared next time, we need to learn to live less ‘efficiently’ in the here and now.""

""I think the real flaw in capitalism revealed by the 2008 financial crisis was its unbridled, single-minded pursuit of profit and efficiency. And perhaps the real flaw revealed in our lack of readiness for the 2019-20 pandemic was a manifestation of the same thing. Capitalism needn’t be either unbridled or single-minded. It isn’t in other societies with high standards of living, and it hasn’t been at all points in history in the US. So perhaps it’s time to rekindle certain social norms that serve to slow us down. For example, if people thought about their homes less as financial investments and more as places to live, full of the friction of kids, dogs, friends, neighbours and community, there might be less property speculation with an eye toward buying and selling houses merely for profit. If companies felt the friction of being caretakers of their communities, they might look differently at streamlining their operations by eliminating jobs.""

Article: Why Efficiency is Dangerous and Slowing Down Makes Life Better