The economic crisis that comes with the coronavirus has two components.  The first component is the shutdown. To prevent the spread of disease, certain activity has to stop. Hairdressers and bars have to close, which means less work for hairdressers and barmen. Nothing to be done about that.  The second component is the panic. We’re all scared out of our wits here. So we’re not spending anything on non-essentials. Everyone has reined in their spending. They’ve done so not because they’re forced to, but because they’re frightened about the future. They’re worried about their job, and the value of their…

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