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What is the Origin of the Term ‘Cobra Effect’?

Like Samuel L. Jackson on board a flight, Delhi had a big problem. Snakes. To lower the number freely roaming the streets, the British government offered a bounty for anyone who could bring dead venomous cobras to them. Unfortunately, some enterprising individuals spotted a business opportunity and began breeding cobras in large numbers, ready to collect a hefty bounty. Realising they were operating at a net loss, the government scrapped the scheme and the newly-bred cobras were released into the wild, making the snake problem worse than ever before. The event was so impactful that economics students coined a term for it. ‘The Cobra Effect’.