If lockdowns now seem to be receding, it's because policymakers fear another round of lockdowns would be greeted with resistance rather than obedience.
There is almost never clear evidence that a theory's predictions are false. You can always adjust something in the theory to make it come out true, and that is what all too many economists do.
The “forgotten depression” can still teach us important lessons: that the interventionist and spendthrift state is often more part of the problem than it is of the solution.
