EconTalk Casey Mulligan on Vaccines, the Pandemic, and the FDA
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May 22, 2023 Casey Mulligan, an economist from the University of Chicago, shares insights on the pandemic's economic impacts and vaccine development. He discusses how delayed vaccines forced society into alternative safety measures like school closures. Mulligan critiques FDA regulations that hinder timely drug access and highlights the tension between profit and urgent health needs in vaccine production. He also reflects on the chaotic early days of COVID-19 and the consequences of government policies, emphasizing freedom and opportunity costs in response to the crisis.
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Peltzman's FDA Critique
- Peltzman found that FDA's efficacy mandate significantly reduced new drug approvals.
- He argued this was due to increased barriers to entry, not necessarily increased efficacy.
Unseen Costs of FDA Regulation
- FDA regulation delays drug availability, discouraging innovation and negatively impacting human health.
- This effect, though seemingly small in percentage terms, has significant consequences.
Oxford Vaccine Delay
- The Oxford vaccine's rollout was delayed because they prioritized non-profit distribution.
- This highlights the importance of efficient distribution, even with effective products.