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Highlights: #189 – Rachel Glennerster on how “market shaping” could help solve climate change, pandemics, and other global problems
Jun 12, 2024
Rachel Glennerster discusses using 'market shaping' to address global challenges like climate change and pandemics, highlighting pull mechanisms for universal COVID vaccines and incentivizing drug repurposing. She also explores systemic reforms in education versus specific interventions.
26:27
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Quick takeaways
- Market shaping leverages markets to incentivize innovation for global challenges like vaccines.
- Advanced market commitments and push funding strategies accelerate vaccine development and access.
Deep dives
Market Shaping Accelerator and Market Failures
The Market Shaping Accelerator at the University of Chicago aims to address market failures where there's insufficient investment in crucial innovations like vaccines for diseases such as tuberculosis and strep A. Market shaping leverages the power of markets to incentivize innovators to tackle major global challenges. These failures arise when externalities such as the high cost of developing vaccines deter investment in critical solutions. This initiative focuses on reconciling market incentives with societal needs.
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