Wednesday, November 18, 2009
Handling the Situation
Shortage of the swine flu vaccine has reached its sixth week mark. Health officials say they are handling the problem. The shortage is due to the fact that we are relying on factories in other countries who are using 50 year old equipment to produce the vaccine. Why, if this "epidemic" is such a big deal, aren't we use our up-to-date technology to produce the vaccine that we so desperately need?
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Supply and demand. We have a disfunctional market that is out of equilibrium because the vaccine is being allocated by the government and not the market of buyer and seller interaction. They either need to increase supply, raise the prices, or decrease demand. The fact is, when the governement allocates resources and rations there are always shortages.
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