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Specification: public goods, private goods, market structures
Click to read the article below and then answer the questions:
Any Covid-19 vaccine must be treated as a global public good
‘When a vaccine against a real-life Covid-19 is found, it must be deployed as a global public good’. Define public good.
Distinguish between the characteristics of public goods: non-rival; non-excludable; and non-rejectable.
What type of market characterises the development, production and distribution of most vaccines and pharmaceutical drugs?
Explain the factors that ensure drug-producing companies’ maintain a monopoly of the drugs they produce and distribute.
Discuss how the proposals of the WTO et al. could affect market outcomes, considering both direct outcomes (eg price and quantity) and indirect outcomes (eg public health).
Gavin Clarke, Emmanuel College
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