BUSINESS MAVERICK OP-ED: Economic lessons from Everest

showing the length of the queue that formed in May to scale Mount Everest, the world’s highest peak, from the Nepalese side.

But, along with the excitement, I remember feeling disappointed at the sheer number of people undertaking the trek. The initial intrigue was gone, and we saw little point in continuing the struggle just to wait in line. We reversed course at the last stop before Base Camp. When it comes to Everest, part of the problem is a fixed supply. There are only so many paths up the mountain , but the number of tour groups has increased. Given this, it stands to reason that the price should be allowed to rise until the balance between supply and demand is restored.

When it comes to the market for antibiotics, many in the pharmaceutical industry would offer the same remedy. If the price of antibiotics were considerably higher, the inappropriately high demand for such drugs would fall, and companies would have an incentive to re-enter the risky business of researching, developing, and gaining approval for urgently needed drugs.

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