Question

The recent Coronaviruz has had a big impact on our ecomomy, can someone explain to me how the thr following has been effected recently?

1. explain the public goods problem

2. explain the solution to the public goods problem

3. provide 4 examples of public goods that are instrumental in managing / solving the Coronavirus outbreak? ex: world health organization is a public organization

4. comment on how effective these public goods are currently functioning. What could be fone to improve their functioning?

thank you very much!

Answer 1

1.  Public goods problem often arises when people uses too much of it and as a result causes negative externalities.
With regard to the recent pandemic, the public good problem arises when suppose a person goes to a park or a market place, there might be chances of the virus spreading. There will be many people around and any one of them might have the virus and risk spreading it.

2. The solution to this public good problem can be the implementation of social distancing, self isolation, more contact tracing of suspected patients, more testing to name a few ( which has already been enforced in most countries).

3. Four examples of public goods can be : Health Department (to curb the outbreak) , the internet(to spread safety messages and awarenerss) , law enforcement (to keep the social distancing in check) and Municipal Corporations(To help sanitize roads and cities altogether)

4. Currently, the health department are trying their best to contain the spread of the outbreak. Even the municipal corporations are using their best available resources to sanitize every locality, every nook and corner of their respective states. However, this has not been enough to stop the outbreak with even a host of developed countries dealing with a lot of deaths related to the virus. Public health management seems to have broken down owing to the sheer number of cases involved in the pandemic.
Therefore, the actual need is a technological as well as medical innovation. Unless there is a vaccine or technological progress of any manner, the outbreak cannot be permanently contained.