This is a linkpost for https://80000hours.org/podcast/episodes/phil-trammell-patient-philanthropy/
note that we recorded this podcast before the appearance of COVID-19. And as we discuss, Phil makes the case that patient philanthropists should wait for moments in history when patient philanthropic resources can do the most good. Could the coronavirus crisis be one of those important historical episodes during which Phil would argue that even patient philanthropists should ramp up their spending?
We’ve spoken with him more recently, and he says that this strikes him as unlikely. The virus is certainly doing widespread damage, but most of this damage is expected to accrue in the next few years at most. As a result, this is the sort of crisis that governments and impatient philanthropists are happy to spend on (to the extent that spending can help at all).
On Phil’s view, therefore, patient philanthropists are still best advised to wait i) until they’re rich enough to better address, or fund more substantial preparation for, similar future crises, or, ii) until we face crises with unusually long-lasting impacts, not just unusually severe impacts.
If this is right, COVID-19 just serves as an example of the many temptations to spend in the present that patient philanthropists will have to resist, in order to reap the benefits that can come from waiting to do good.