Question

In: Economics

Can you please explain the following thoroughly: Is anything 100% safe or 100% foolproof? (from any...

Can you please explain the following thoroughly:

Is anything 100% safe or 100% foolproof? (from any perspective such as the drug approval process at the FDA, airline safety, new products, or the prospects for economic growth)

Solutions

Expert Solution

Nothing in this world is 100% safe or 100% fullproof and there is always a chance of accident or failure which may be very-very less as 0.0001%. But if there is even a marginal ignorance or fault than this 0/0001% chance of loss or accident is converted into 100%. So any probability of loss be it any smallest value should not and can't be ignored and considered as 100 safe or full proff.

It can be proved by considering different perspectives :

  • Drug approval process at the FDA, a drug company may have invited a loage cost and must have hired experts to develop a drug, but still there is a chance that the drug may not be approved by the FDA, this is because it is not sure that a drug works for all. Though it may work for 99% people but it may be possible that the FDA may test the drug on the 1% of the people on whom the drug doesn't work.
  • Airline Safety also proves this, as all the airlines employ only experts for the technical work but still there are air accidents, though very less but not 100% safe.
  • New product developed may or may not work for a company depending on the demography, taste and preference of consumers, income of consumers, timing of launch of the product etc.
  • All the governments of different economies adopts different stretigies all made by the experts but all of them doesn't work, so a strategy may work for one economy and not for other economy. So economic growth of a country can't be ensured even after adopting any growth strategy made by any expert because it also depends on the mandset and participation of the people of the economy.

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