With bacteria becoming resistant to antibiotics, there is an urgent need to develop new antibiotics. However, most
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With bacteria becoming resistant to antibiotics, there is an urgent need to develop new antibiotics. However, most drug companies are not working in this area because to maintain the effectiveness of existing antibiotics, new ones are used only after older ones stop working. This discourages drug companies from developing new antibiotics since they may not be able to make money by selling them for some time. Thus, what is better for public health is not good for the corporation. What is the external social cost or tragedy of the commons in this situation? Suggest approaches that could address this problem.
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The situation youve described involves a classic example of a market failure and an external social cost known as the tragedy of the commons in the context of antibiotic resistance Heres an explanatio...View the full answer
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