COVID Vaccine Development

Conservative Goal: 

Economic analysts subscribe to different methods of thinking and impact on policy. A conservative financial analyst would promote policies that enhance free-market capitalism (Cramer & Markowitz, 2021). Therefore, a conventional goal would be to observe the law of supply and demand in vaccine development and supply (Agarwal & Gopinath, 2021). The policy’s priority is to ensure the equitable supply of the vaccine to those who need it. It also encourages the flow of the vaccines and law materials within the constricts of supply and demand.

Specific Policy Recommendation:

A conservative approach in the COVID vaccine development is to bridge the gap between supply and demand. The policies that guide this goal enhance having vaccines in the free market to meet the public’s needs by ensuring constant supply (Agarwal & Gopinath, 2021). According to Agarwal and Gopinath (2021), policies in the conservative approach are:

• Placing purchase orders for countries with insufficient supply
• Free cross-border flow of materials and vaccines
• Donation of surplus vaccines

Anticipated Results:

The results expected through the free-trade capitalist approach enhance the availability of the vaccine to all. The policy recommendations adopted by conservative goals would ensure that counties with less vaccine supply can get more through the free cross-border flow and purchase orders to make the vaccine available to the population (Agarwal & Gopinath, 2021). Making the vaccines available to the people ensures that the world reaches its vaccination targets without vaccine availability issues. Additionally, the conservation policies provide that countries with high demand get the supply to vaccinate their population while ensuring that the countries with a surplus donate vaccines to those who need them.

Radical Goal: 

Different economists view the economy differently. Radical economists use democratic socialism to explain their economic policies and guide policy and regulations (Cramer & Markowitz, 2021). From a revolutionary perspective, the goal of vaccine development and supply is the achievement of herd immunity (Agarwal & Gopinath, 2021). A radical policy analyst would focus on the supply of the vaccine to the people. The priority is to maximize the vaccine’s reach to people. Rather than focus on the monetary gain of the vaccine development, a radical policy analyst would focus on the impact on the people.

Specific Policy Recommendation:

            The policy recommendations from radical economics revolve around the social impact of vaccine development and distribution. The policies involve managing supply to enhance vaccination target achievement and insurance against vaccine risks (Agarwal & Gopinath, 2021). According to Agarwal and Gopinath (2021), policies in the radical approach are:

• COVAX grants to enhance vaccine development, supply, and coverage
• Vaccine donation from nations with surplus supply
• Free border flows of the vaccines and raw material for vaccine development
• There should be more investment in infrastructure that enhances COVID Vaccine Development

Anticipated Results:

            The results of this approach would be vaccine production to enhance the achievement of herd immunity. Through the issuance of grants, non-profit and non-governmental organizations, nations, and international organizations strengthen the development of vaccines to ensure that they achieve herd immunity through vaccination (Agarwal & Gopinath, 2021). Easing fiscal constraints and guiding investment enhances the development of vaccines for a radical goal (World Health Organization, 2021). The result of economic policies to strengthen vaccine development to achieve herd immunity is a socialist approach since it improves the impact of the vaccine.

            Additionally, developing supply policies to promote the access and availability of the vaccine improves its impact. The supply policies enhance meeting vaccination targets(Agarwal & Gopinath, 2021). These policies strengthen the adaptability of organizations in navigating the health and economic crisis that COVID 19 presents (Organisation for Economic Co-operation and Development, 2021). The democratic socialism policies ensure that there are no barriers to the development of vaccines through enabling free border flows of vaccines and vaccination of people through free flow vaccines to people in need.

Liberal Goal: 

            Liberal analysts look to create wealth in the prevailing market conditions.  The liberal analysts’ goal is wealth creation in fair trade markets(Cramer & Markowitz, 2021). From this perspective, economic policies should focus on managing the economy when the vaccine is in limited supply and insuring against the financial risks during the vaccine development and supply (Cramer & Markowitz, 2021). While policy formulation has been toward vaccination targets and supply, some policies also protect businesses and organizations from business and financial risks. These policies ensure that the companies still make money despite the vaccine being free.

Specific Policy Recommendation:

The policy recommendations from liberal economists promote wealth creation and protection in vaccine development and distribution. The policies involve making investments and strategies that protect the economy (Agarwal & Gopinath, 2021). According to Agarwal and Gopinath (2021), policies in the liberal approach are:

• Support high-risk investments to enhance vaccine production and supply
• Evaluation and implementation of strategies that strengthen vaccine production and distribution
• Additionally, promoting the revenue, expenditure, financial management, and debts and fiscal rules through inter-governmental intervention to enhance wealth protection and creation (Organisation for Economic Co-operation and Development, 2020)

Anticipated Results:

            The results anticipated in this approach help improve the economy. The combination of the financial aspects that enhance production and unequal distribution should improve through at-risk investment in global health (Iftikhar, 2021). Furthermore, the international collaboration in research, biomedical technological innovation, and testing of vaccines enhance their production and distribution (Iftikhar, 2021). Governments and other international organizations have enhanced the vaccine’s development and distribution. The result of this collaboration and investment is to curb the recession caused by the international lockdown. While investment direction may not have directly impacted wealth creation, it works toward economic improvement in the future after averting the health and financial crisis from COVID 19.

                                                            References

Agarwal, R., & Gopinath, G. (2021). A Proposal to End the COVID-19 Pandemic. INTERNATIONAL MONETARY FUND.

Cramer, A. S., & Markowitz, L. (2021). Voices on the Economy: How Open-Minded Exploration of Rival Perspectives can Spark Solutions to our Urgent Economic Problems (Vol. 1). Retrieved from https://www.VoicesOnTheEconomy.org

Iftikhar, M. (2021, September 14). The International Political Economy of Health: The Covid-19 Vaccine Distribution. Retrieved from https://www.e-ir.info/2021/09/14/the-international-political-economy-of-health-the-covid-19-vaccine-distribution/

Organisation for Economic Co-operation and Development. (2020, November 10). The territorial impact of COVID-19: Managing the crisis across levels of government. Retrieved from https://www.oecd.org/coronavirus/policy-responses/the-territorial-impact-of-covid-19-managing-the-crisis-across-levels-of-government-d3e314e1/

Organisation for Economic Co-operation and Development. (2021, May 10). The territorial impact of COVID-19: Managing the crisis and recovery across levels of government. Retrieved from https://www.oecd.org/coronavirus/policy-responses/the-territorial-impact-of-covid-19-managing-the-crisis-and-recovery-across-levels-of-government-a2c6abaf/

World Health Organization. (2021, October 26). Top economists call for radical redirection of the economy to put Health for All at the centre in the run-up to G20. Retrieved from https://www.who.int/news/item/26-10-2021-top-economists-call-for-radical-redirection-of-the-economy-to-put-health-for-all-at-the-centre-in-the-run-up-to-g20