Adding Demand to Increase Excess Demand
By David Henderson
Possible 11th Pillar of Economic Wisdom: When you’re in a hole, stop digging.
One of the most absurd things that have happened with the Pfizer COVID-19 vaccine is that politicians have been trying to increase demand for a vaccine of which, not surprisingly at a zero price, there is a shortage.
The rationale for putting Nancy Pelosi, Mitch McConnell, Mike Pence, and Karen Pence at the front of the line way ahead of almost all of the rest of us is that it will persuade people that it’s safe and those otherwise-hesitant people will be more willing to take it. They might be more willing to take it, but if that’s the rationale, the rationale makes zero sense in December. Tens of millions of us are ready to take it now. There’s no need to persuade people to take it when there isn’t enough in the short term to satisfy all willing takers.
Hmmm. Do you think there might be another reason for Pelosi, McConnell, and Pence to take it now? Let’s scratch our heads really hard and we might come up with a reason.
Here it is. They’re selfish people who are using their privileged position to get immunized. This is Newsom French Laundry all over again.
This “patriotic” behavior on their part is the opposite of admirable.