Against Biden’s vaccine patent suspension, pharmaceutical companies argue that it undermines risk-taking and innovation. This argument is based on false premises. Studies have found that subsidies from patents account for only 30% of R&D costs for the pharmaceutical industry. In the case of Covid-19, vaccine producers have received much more…

*Many students find the concepts of producer surplus and economic rent confusing. Hopefully, these excerpts will help clarify the concepts.

The following are excerpts from Varian (2014).

14.9 Producer’s Surplus

The demand curve measures the amount that will be demanded at each price; the supply curve measures the amount that…

Abstract: This paper argues that Locke is theoretically committed to the view that governments have a duty to refrain from becoming irresistible. A government is irresistible in the intended sense if and only if it is practically impossible for its people to successfully defend their natural rights against its attempts…

Edison Yi

This blog contains a collection of satires, notes, and essays on philosophy, economics, etc. I’m a master’s student in Philosophy at Oxford.

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