by Henry Buzar June 19, 2021 Adam Smith (1723-1790), a Classical School-Scottish Economist had predicted accurately the power of what he cal...
June 19, 2021
Adam Smith (1723-1790), a Classical School-Scottish Economist had predicted accurately the power of what he calls the "Invisible Hand." Invisible hand to the layman is "Competition." Smith explained that the invisible hand regulates the affairs of men for good. Competition improves the quality of a product and at the same time tends to reduce the price of competing products. This is true with the anti-Covid vaccines.
With more than 20 countries and private companies on their stage 3 experiments of the vaccines and oral tablets, Covid-19 will be classified similar to the ordinary cold where medicines abound. Thanks to the "invisible hand."
I believe that Covid-19 will be defeated by the first quarter of 2022 and pockets of cases sprouting here and there till late 2022.
Countries that are in the late stages of experimentation include Thailand, SK, Cuba, Germany, Turkey, Indonesia, the US to which several drugs from well-known pharmaceuticals are being produced, UK, Canada, and many more countries even the Philippines may one day through its one of the fx operating pharmaceuticals might produce its drugs.
With so many drugs of various brands, competition will be so keen that supply could surpass demand. Of course with so many vaccines available is the reduction of its price to the benefit of humankind.
This is how Smith's theory helps in the working of the economy as a whole. His important contribution in the field of Political Economy.
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