The private market for flu vaccinations
would produce an inefficient outcome as we as human being we tend to make
choices that are not necessarily the most wise, efficient and correct one. With the privatization of the flu vaccines,
the price will vary amongst most companies and there will be persons in terms
of their financial status that choose to get the shots or not. Also, if there is a large amount of
participants in getting vaccine, this can result in a shortage which may cause
the price for the drug to increase to an amount that may or may not be
affordable. An example would pertain to
two different families both have two children, and if one belongs to the lower
income bracket that couldn’t afford that flu vaccine as appose to the one in the higher income bracket, then the resulting
effect would differ. Should the children
of both of these families attend the same school and are in the same classes even
though one set has been vaccine and the other is not, if they are both exposed
to the virus from other classmates the low income child would get sicker much
faster than the other. This results as
they are occupying and sharing the same environment with others who may not
also be able to acquire the vaccine or others who can afford but because of the
parents’ decisions to choose not to get the vaccine has exposed a viral effect
on the entire class as they are together for long periods of time.
government involvement can achieve efficient quantity of vaccinations as if it
made to be a public good that is made mandatory for all to be given, whether at
a standardized low price or free to all.
This involvement means that the government can have control of the vast
amount of vaccine needed to be administered to all citizens with having a
shortage or even exasperating all their resources. The controlled administering of the
vaccination forces all to be vaccine should there be the willing and voluntary
participants or those who oppose and object to getting the flu
vaccination. If the flu vaccination is
made to be a public good, this allows the government to control and or create preventative
measures that can curb an out-break of the virus which can result in an influx
of children getting sick, infecting others at school or home or other persons
in the community developing the virus leading to long term illness such a
pneumonia and having to be hospitalized.
This outbreak can have a disastrous effect as is can result in a epidemic
where hospitals are overcrowded with patients and over worked employees.
good – is a good that is consumed by a single person or households; a good that
is rival in consumption and excludable. It is an item that yields positive
benefits to people. An example is a
piece of clothing. As the owner of this
item, one can prevent other from using it by exercising private property rights
unless it is paid for by the other party.
good – is a good that is available for everyone to consume, regardless of who
pay and who doesn’t; it is a good that is both non-rival in consumption and non-excludable
in that no one individual can be effectively excluded from its use. An example is street lighting. This cannot be owned by any one person as it
is deemed invaluable to all as it provides a safe haven in the dark and
allowing safe travel during unkind conditions.