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  • TheEconomicsof Ideas: COVID-19 Vaccine? 2
  •  Instructions

    1. Watch the video above.

    2. Let’s apply what we learned to the current COVID-19 crisis. How are the three types of incentives used to encourage the development of a vaccine or treatment?

    #2 Subsidies

    How are subsidies being used to find a vaccine or treatment for COVID-19? Can you find an example of a specific subsidy?

    What are the pros and cons of using subsidies to find a vaccine?

    You can find answers in the

    following articles:

    Congress pumps up NSF program to fast-track COVID-19 research (Science)

    $1 million plus in Emergent Ventures Prizes for coronavirus work (Marginal Revolution)

    These companies are racing to roll out COVID-19 treatments (CNN)

    McHenry pushes $1B reward for coronavirus vaccine (Roll Call)

    5 Biotechs in Search of a Coronavirus Vaccine (Yahoo)

    Yale applies for new COVID-19 grant (Yale Daily News)

    #3 Prizes

    Name at least one example of a prize being offered (or planned to be offered) to find a vaccine or treatment for COVID-19. Who might be incentivized by a prize that would not be by a patent or a subsidy? Why?

    What are the pros and cons of using prizes to find a COVID-19 vaccine?

    Discussion Questions

    Teachers: Seethecurriculum

    Globalization, Robots, and You

    #1 Patents

    Who is responding to the incentives created by patents to develop a vaccine or treatment for COVID-19? Name one example. What type of incentive(s) does a patent create? (HINT: what is the benefit of owning a patent?)

    What are the pros and cons of using patents to find a COVID-19 vaccine?

    Why Are Some Countries Rich and Others Poor?

    Game of Theories: Business Cycles

    The Hockey Stick of Human Prosperity

    Economics of Ideas

    Discussion Questions

    (with teacher or parent)

    Let’s apply what we learned to the current COVID-19 crisis. How are the three types of incentives used to encourage the development of a vaccine or treatment (see below for background reading)?

    This assignment

    is available as a Google Doc .

    Request Answer Key

    In this TED talk, Alex Tabarrok explains how the supply and demand of ideas affects us all.

    PrizestoAddressPandemics: A Primer ↗

    Alex Tabarrok summarizes the reasons why prizes are an important tool to address the COVID-19 pandemic. Continue reading...

    Teachers:


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