class notes - Class Notes 2008-09-11 1906- Food Drug and...

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Class Notes 9/11/08 1:31 PM 1906- Food Drug and Safety Act was passed 107 people died taking antibiotics 1938- Food, Drug, and Cosmetics act passed Thalidomide o Birth defects in pregnant women o 1962 Kauefer-Harris Amendment Prove efficacy, not just safety Eliminated time limits on the FDA to approve new drugs Fem-Phen (1990’s) Dual drug marketed for obesity Caused heart disease Vioxy Acute pain for osteoarthritis Drug deaths- type I error o Deaths from taking a dangerous drug o Type II error: deaths because life saving drugs weren’t approved Taking FDA between 8 to 10 years when drugs could have been saving lives
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Why relevant to economy? Key points 1. There is no free lunch a. When you get something you give something else up b. Scarcity- don’t have enough money or time to do everything you want 2. The cost of a choice is the foregone alternative (opportunity cost) a. the next best thing you can do with time and money 3. the relevant cost of benefits are
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class notes - Class Notes 2008-09-11 1906- Food Drug and...

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