Archive for June 6th, 2012

If we were to believe in Keynesian economics, shouldn’t we encourage more Greek people to riot in the streets? One day they will have destroyed enough to make reconstruction jobs stimulate the economy…

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More than a decade ago, Nobel laureate Milton Friedman wrote a comprehensive essay on how to cure the American health care system. It is neither surprising that Congress has not followed any of his proposals, nor that things have not improved at all. Today, most people in the US and elsewhere do not even understand what a health insurance ought to be in general. Thus, with the upcoming presidential election in mind, Friedman’s article is worth reading more than ever:

How to Cure Health Care

We generally rely on insurance to protect us against events that are highly unlikely to occur but that involve large losses if they do occur – major catastrophes, not minor, regularly recurring expenses. […] Yet in medicine, it has become common to rely on insurance to pay for regular medical examinations and often for prescriptions.

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