What a Free-Market in Vaccination Preferences Would Look LikeRyan McMakenFeb. 10, 2015 |
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I’ve been asked if it’s possible to “let the market sort it out” on vaccines. I generally dislike that phrase because of it implies that markets are instigating agents, when in fact, markets respond to human desires and goals. Additionally, the phrase is also often followed by an irritating lack of detail as to how markets would actually “sort it out.” So let’s try to provide some detail. Presumably, many human beings like to live and do business in places where people feel they are relatively free of the risk of infection of various disease, but at the same time, different people evaluate risks differently, and act accordingly. So for just a quick look at some of the characteristics of a truly free market in regards to vaccine preferences, let’s examine some likely free-market scenarios:
This isn’t actually as far fetched as it sounds. In a world where vaccination verification were something valued by the market, it is not difficult at all to imagine a third-party organization that would provide reliable streamlined verification services, just as private organizations today offer streamlined security checks on financial transactions for private firms. But Disneyland (in our example) wants no such thing, partly because the cost of such a policy is not zero, and partly because it would alienate some potential customers. It is far better for Disney corporation in this case to support a government mandate on vaccination. In this way, the public that is concerned about measles will not fear any measles outbreak at a Disney Park, but Disney didn’t have to actually do anything to attain this situation. The full cost of solving Disney’s disease-outbreak problem is instead being borne by taxpayers to pay for enforcement and by those who had wished to employ vaccines in a manner different from that outlined in the government mandate. They no longer have the choice. Little Jimmy Taxpayer is forced to undergo medical procedures against his will, and meanwhile, Disney’s stock price goes up 5 percent. |