Jeffrey Clemens, an economist at the University of California, San Diego and a frequent collaborator of mine, asks and answers the question in a new essay in The Conversation.
Thread below on an article I published today at The Conversation:https://t.co/ANbeAzwWVr
The article draws out lessons we can learn from economic history (including back to the Civil War) about the recipe for hastening vaccine and test development.
1/7
— Jeffrey P. Clemens (@jeffreypclemens) September 8, 2020
Dr. Clemens and Parker Rogers have a nice paper analyzing medical innovations in the design and manufacture of artificial limbs in the Civil War. Clemens applies lessons from this period — along with other economic analysis — to the current race for coronavirus vaccines and treatments.
While the science of medical innovation is difficult, policy is relatively simple: Set clear standards, establish clear incentives and let the scientists and entrepreneurs do their work. Vaccine development, rapid testing and widely available protective gear all have important roles to play in saving lives and getting the economy back on its feet.
Check out the essay for his full analysis and argument.