Mandated Heath Market Inefficiencies

Karl Denninger:

We cannot permit America to be the “pay line” for every worldwide drug and device development program. The same pill sold here in America for $25 is $2 in Canada and other nations.  The cost of reproduction is covered by the $2, but development is not.  The free market would normally prohibit . . . → Read More: Mandated Heath Market Inefficiencies

What is wrong with Economics

Raghuram Rajan has an interesting piece on what went wrong with the economics profession in the years that led up to the global crisis. His big issues: specialization, the difficulty of forecasting, and the disengagement of much of the profession from the real world.

I think these, in turn, are directly related to the incentives . . . → Read More: What is Wrong with Economics