Mohamed A. El-Erian , Columnist

How Would You Decide to Restart the Economy?

The experts weigh in on the risks and trade-offs. Now it’s your call.

April 8, 2020 at 7:03 PM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

The economy is not wired for social distancing.
Photographer: Jeenah Moon/Bloomberg

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The tentative optimism in parts of Europe and the U.S. about a turning point in the rate of coronavirus infection is encouraging more people to start thinking about how and when to restart economies. It is a crucial and complex issue involving an unusual range of risks, uncertainties, difficult judgments and trade-offs.

I certainly don’t have an easy answer, and neither do people I talk to whom I respect greatly. With a view to generating ideas, how about collectively engaging in the following thought exercise?