A pandemic influenza (akin to the severe 1918 flu epidemic) that kills 2 million or more people
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A pandemic influenza (akin to the severe 1918 flu epidemic) that kills 2 million or more people could also cause annual income loss of 4% to 5% of global national income (see Fan et al., 2016). Using the concepts in this chapter (such as externalities, free riding, and public goods), explain what a pandemic is. Is government intervention necessary to help prevent pandemics, or can society rely solely on markets?
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As stated before pure public goods have two important characte...View the full answer
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