So people who figure out how to make 20p drugs and get them approved should make... 20p/dose. People who figure out how to target ads 1% more effectively should make billions, but people who cure diseases should do so at cost, less their R&D costs.
I'm trying to remember who it was who said you could sum all of economics up with the sentence "people respond to incentives."
So people who figure out how to make 20p drugs and get them approved should make... 20p/dose. People who figure out how to target ads 1% more effectively should make billions, but people who cure diseases should do so at cost, less their R&D costs.
I'm trying to remember who it was who said you could sum all of economics up with the sentence "people respond to incentives."
Was it Charlie Munger perhaps?