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Reuters: Market failure can be sign of fatigue

Discussion in 'General ME/CFS News' started by Firestormm, Jun 11, 2014.

  1. Firestormm

    Firestormm Guest

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    This I think is a great article:

     
  2. Marco

    Marco Old blackguard

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    Nothing 'crass' about stating the blindingly obvious economic argument.
     
  3. A.B.

    A.B. Senior Member

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    CFS is viewed as psychosomatic because the insurance industry has found willing mercenaries in people like Wessely and Fink to promote this view. It's not the only factor, but I think it's a big one.

    Climate change denial, and tobacco science are other examples of industry interests being able to delay scientific progress.
     
    shahida, xchocoholic, Wayne and 5 others like this.
  4. newly_optimistic

    newly_optimistic

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    Could it be the case that while from a long-term, absolute "bottom line" basis, the economic argument likely favors more research into cause & diagnostics, and more development oriented toward treatment & cure......on a relative, short-term risk/reward basis, the economic argument just as likely supports a strong focus on low-dollar risk / high revenue "research" & "treatment" programs oriented toward the psychosomatic realm?

    If true, then to some degree the market forces underlying the economic argument are, at this point, operating exactly as they would be expected to.....possibly even exactly as they "should". What we need is for a small number (one!?) of privately funded initiatives (or government mandated -- though less likely, and not in line with "market forces" arguments....either research or treatment focused.....that produce successful enough outcomes (measured by science, or even just by greater mainstream awareness and acceptance) to shift the risk/reward assessment by the "big guys" (pharmaceutical & academic) from fear of the expenditure of resources (money, time, credibility) associated with jumping in to early, to fear of the lost revenue & prestige associated with missing out on discovery of causes, treatments, and cure(s).

    Do you think maybe....aside from the short-lived and misguided XMRV related flare up....we are closer now than at anytime in the past 30 years to finally achieving this shift?
     
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  5. Simon

    Simon

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    Wow, where do you find this stuff, @Firestormm?

    I believe this is a very important article, and we should encourage the author. I really hope people will 'like' the piece, as well as share on twitter, facebook etc:
    Market failure can be sign of fatigue | Edward Hadas

    @newly_optimistic I think you have a point about the short-term perspective, it depends on what timescale organisations operate on:
    I don't know what the current cost of CFS is in the US is at the moment, but in the UK it's around £1 billion a year. That would buy a lot of research.
     
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  6. NK17

    NK17 Senior Member

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    I really HOPE so @newly_optimistic !!!
     
  7. NK17

    NK17 Senior Member

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    I've tried to post a comment under Edward Hadas's article, but was not able to do it yet.

    I think it's important to let him know that we appreciate his point of view.

    Also we should share on social media.

    IMO it's a well written and balanced piece of journalism.

    Thanks @Firestormm for finding it and sharing!
     
    Ruthie24, Firestormm, rosie26 and 6 others like this.
  8. Bob

    Bob

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    Yep, that is quite an article! Exceptionally well-written and insightful!
     
    Ruthie24, WillowJ and NK17 like this.
  9. Gypsy

    Gypsy Senior Member

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    Great article. I think more people haven't read it because of the title. It sounds political or like it has something to do with the stock market. I thought it was about the stock market at first glance :) Maybe changing the title of the post or reposting with a new title would help get more views?
     
  10. Bob

    Bob

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    Yep, the title put me off reading it, until it was repeatedly highly recommended on Twitter.
     
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  11. Bob

    Bob

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    Sean and Simon like this.
  12. Firestormm

    Firestormm Guest

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    NK17, Bob, Sean and 1 other person like this.
  13. WillowJ

    WillowJ Senior Member

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    I read it, but i expected to find one of those insensitive "x problem is fatiguing [as in, fed up with that] like CFS" analogies.

    Was very pleasantly surprised.
     
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  14. Simon

    Simon

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    Shame we can't leave comments but facebook likes are going up nicely (429 latest)

    If you want to email the author with your comments, you can find his email address via 'contact' at the bottom of his personal website homepage: Edward Hadas
     
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  15. Blue

    Blue

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    Does someone know why we can't comment? I submitted a comment but it hasn't appeared so far... But maybe we can send tweets instead: https://twitter.com/edwardhadas
     
    Simon likes this.
  16. N.A.Wright

    N.A.Wright Guest

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    It's unfortunate that the author starts from a fallacy. Modern (as distinct from what ?) economies operate by meeting the 'wants' of those who can afford to have them met. The developed world moved away from needs based economics at least a century ago and the whole thrust of politics since then has consistently downgraded need provision in favour of unrestrained non needs based consumption.

    I'm afraid this intitial fallacy is compounded by a second, that is the identification of the Health Care Industry as a supplier of novel solutions across all areas of potential need. If there truly is such a thing as a unified Health Care Industry, then it certainly is not going to be focussed on novel solutions, any more than any other industry is. Industry, driven by profit is always going to seek maximisation of available current resources and will only change direction when forced by a prospective loss of customers, forseeable new gain or by political demand. It's why 95% of medical research is state or charity funded - most of it will never make money.
     
  17. Firestormm

    Firestormm Guest

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    Interesting Biography of the author: Edward Hadas

    His website: https://sites.google.com/site/edwardhadas/
    Might be a little out of date...
     
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  18. Firestormm

    Firestormm Guest

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    Blue and NK17 like this.
  19. Gingergrrl

    Gingergrrl Community Support Volunteer

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    Wow, amazing article! Thank you for posting it.
     
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  20. Firestormm

    Firestormm Guest

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    Health Rising Blog:

     

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