#189 – Rachel Glennerster on how “market shaping” could help solve climate change, pandemics, and other global problems

<p>"You can’t charge what something is worth during a pandemic. So we estimated that the value of one course of COVID vaccine in January 2021 was over $5,000. They were selling for between $6 and $40. So nothing like their social value. Now, don’t get me wrong. I don’t think that they should have charged $5,000 or $6,000. That’s not ethical. It’s also not economically efficient, because they didn’t cost $5,000 at the marginal cost. So you actually want low price, getting out to lots of people.</p><p>"But it shows you that the market is not going to reward peopl...