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In my view the big "elite miss" on covid was not in misunderstanding the nature of exponential growth. Diseases vary greatly, and those initial months were decision making under high uncertainty. I can sympathize with a tendency to under-react when one doesn't have compelling evidence that a harsh response is justified.

The far bigger miss was, as you say, overreacting for years when the true nature of the disease was known. We kept schools closed, restaurants closed, and we engaged in hygiene theater of all kinds long after it was obvious that all these actions had little benefit – and tremendous cost.

My own theory is that a widespread case of preference falsification (to use Kuran's term) was at play. Social pressures pushed the elites to maintain a status quo of "we're taking this seriously". Exacerbating this was the fact that Covid took on a political tenor, at least in the US, so elites on the left were afraid to speak up for fear of branding themselves "MAGA in disguise". Lessons all around.

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