Swing Vote at the FDA

A 2008 article that I had forgotten about spreads light on an important issue; remember all the incentives, not just some.

We economists teach that incentives matter; incentives affect behavior. That idea is so important that it’s, whether implicit or explicitly, in almost every economics article and book. That’s why I made it Pillar #2 in in “Ten Pillars of Economic Wisdom.”

When we apply that pillar, we need to be aware of all the important incentives, not just some.