: Opinion: When problems are more profitable #IndiaNEWS #News By Jagannadha Pawan Tamvada, Rashedur Chowdhury There’s a good chance that you would like to see Covid disappear for good. And you may
Opinion: When problems are more profitable #IndiaNEWS #News
By Jagannadha Pawan Tamvada, Rashedur Chowdhury
There’s a good chance that you would like to see Covid disappear for good. And you may also wish for an end to the war in Ukraine – or any other war for that matter.
But would you feel the same way if you were the head of a big pharmaceutical corporation which has seen a massive surge in profits over the last couple of years? Or if you ran a company which manufactures weapons?
For these industries, a pandemic or a war might be considered a time of clear economic opportunity, when it would make no sense for them to work towards ending a particular illness or conflict. They have no motivation or incentive to do so.
But this creates a serious problem. How does society as a whole tackle major issues when the people with the power to do something are economically motivated to do nothing?
Case of Covid
Take Covid for example, and the massive profits made by the pharmaceutical firms which succeeded in coming up with effective vaccines. Arguably the best economic scenario for them is to keep selling booster shots for billions of people around the world for years to come.
Of course, that doesn’t really work for the rest of us. But our research shows why many industries thrive on the fact that problems are more profitable than solutions.
The idea that corporations are not always motivated to seek solutions which are in wider society’s best interests is something we call the “paradox of incentivepˈ Y [ܜܘ]H X H[ܙH]ݘX H[YۙY ] H ܛ8&Y ؛[ [ ][[[ٜˈ[X [و[H ٚ[YHX[ H ܛ [ HZ[ H HHܜܘ][ۋ܈Hܛو ٙ[ [K [Y]H] ^[KH Yو[[][H Y[[]][H H Yٚ[ ٚ] و H[ X܈[X]H[HX[] [ؘY ][[ Yܛ X[X Xۜ[[ܙX[H X[Y][ H[ܜ[][ݙ^YˈXۈX[YX [^[H XۈX[YX XXZH ۛZX[ ٚ] [HۙX [ܙXY[X[[ H HY X[XZH[ܙH[ۙ^KHX[[[ۈوZܘZ[K XYHY]]HXۛZX[XۈZ[[ۜ[ H ܛ Y Xܙ ٚ] ܈ YHو HYܜܘ][ۜ[ HY[H[[H XܜˈۙHو H ܛ8&Y ؛[Y YHXZ܈ ٚ] Z[XYK݈ X[ HX[ۜوY XH [ H [[ZXYY HY]]HYX و Xۈ Y] K]][ ]H YH[ ۈ [ZY H[ ݙY
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