I think Chris is pointing to the idea that the benefits of alcohol (and other targets of ‘this style of reasoning’) might be real, even if they aren’t monetary. e.g. for alcohol, imagine there is major positive effect where alcohol leads to more socialising. This isn’t easy to represent monetarily, but that doesn’t mean it isn’t real. The style of reasoning he is pointing to is one where you’ve already measured the downside, and then wave away the upside.
I think Chris is pointing to the idea that the benefits of alcohol (and other targets of ‘this style of reasoning’) might be real, even if they aren’t monetary.
e.g. for alcohol, imagine there is major positive effect where alcohol leads to more socialising. This isn’t easy to represent monetarily, but that doesn’t mean it isn’t real. The style of reasoning he is pointing to is one where you’ve already measured the downside, and then wave away the upside.
Exactly!