Forgive me if logic fails me, but unless we have a vaccine or other therapy the virus is going to run its course whether we like it or not. All we can do is suspend life and slow down the progression of the disease.
But at what price? In the meantime the economy crashes. Millions are out of work. They may also lose their homes. They become pray to alcoholism, domestic abuse, and drugs. (Around 10,000 people die in the UK each year from suicide and drug abuse).
And unless there is some breakthrough, in the end the same number of people will die, just over a longer period. (28,000 are estimated to have died from influenza in 2015 - did you notice?).
We might just destroy the economy in the process. There's a limit to how much governments can borrow, and with Western economies all desperately trying to borrow money the interest will be so high they will never repay. (Assuming someone is ready to buy the bonds). Italy is almost certainly going to be bankrupt in weeks. We could print money, but we'd end up like pre-WW2 Germany, wheeling our worthless cash around in a wheelbarrow. The result would be the end of the welfare state as we know it, and the collapse of the NHS as tax revenues dry up, and interest payments take what tax is collected.
As someone who has a high probability of death if I was infected, I know I am subject to house arrest for at least two years, and possibly for the rest of my life. I may never see my elderly parents again. All I can hope is that there is a breakthrough in treatment or a vaccine. We still don't have a production ready SARS vaccine after 17 years. If I was younger and healthier, I would take my chance. If this situation continues for much longer, I might just take the chance anyway.
But it is always our choice. Even if the government were to open up the economy and try for herd immunity, as individuals we can continue to isolate if we're concerned. They would need to identify and protect the vulnerable, and provide decent protection for NHS front-line staff, but if German researchers are correct, the actual number of seriously affected is actually much lower than originally thought. One town in German had 15% infected. Two thirds of those infected didn't even know they had been exposed to the virus. Only 5% had tested positive, and Germany is doing a lot of testing.