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> Firstly, GDP is a bad measure of productivity. A pill that replaced all healthcare would reduce GDP by 15%, but I doubt anyone (even economists) would call th
by mmarq 5y ago
> Firstly, GDP is a bad measure of productivity. A pill that replaced all healthcare would reduce GDP by 15%, but I doubt anyone (even economists) would call that a catastrophe.
This is only true in vacuum. In the real world, if this pill totally annihilated the healthcare sector, a massive amount of resources would be freed and reallocated in other sectors.
- jldugger 5y agoAnd the pill would cost a few dollars less than healthcare's lowest bid, not fall all the way to zero, at least until the generics step in.