An interesting argument by John Cochrane that taught me something.
Technically it's how the Israelis have handled those disadvantages that is the source of strength, but that's not as good a headline.
The question is asked by a columnist for the Sonoma Co. (CA) Press Democrat.
Take a guess. Hint: it's the mother of all contradictions.
UPDATE: link fixed now, thanks to commenter.
Richard Epstein at his best. Which is very, very good.
This grim picture is no idle abstraction. These incentive effects are so powerful that they will swamp any effort to improve national healthcare by government fiat. It is conceptually indefensible and politically naïve to assume that healthcare is somehow “special” and therefore follows economic rules that don’t apply to other markets. In housing, it has been known for decades that rent control only aggravates shortages by creating massive distortions in housing markets. In agriculture, ethanol subsidies for gasoline have wrecked the operation of both food and energy markets. In transportation, endless queues formed when price controls at the pump created systematic gasoline shortages. The lesson is that basic economic principles apply to all goods and services, no matter their elevated position in the social discourse.
Related: John Cochrane, "Health Care Policy Isn't so Hard".
It looks like his 15 minutes has been up for a while.
A short exposition, with a couple of contemporary examples, of the "inconsistency of optimal plans".
Probably of most interest to intellectual historians and economics nerds. But if you are in neither category and have heard Adam Smith's name taken in vain, blamed for most of the ills of rampant "capitalism," you might well find this relatively brief piece informative.
Helps explain why the influx of young Italian economists into U.S. colleges and universities.
Report says cronyism and a lack of meritocracy have long plagued Italian universities, and are often blamed for encouraging young academics to continue their careers abroad.
John Tierney presents an excellent argument for ignoring Big Government's health advice.
Yet, still, once more, another example of huge gap between government intentions and government results.