4 ms·

Don't worry, the invisible hand of the market will step in and correct this any time now!

• mariodiana 4y ago
  I'm pretty sure this comment won't be appreciated, but the amount of government intervention in the market with respect to healthcare in the United States makes it one of our most highly regulated industries, if not the most highly regulated. Some would say that crying "market failure" isn't a legitimate criticism.
  • antisthenes 4y ago
    It won't be appreciated, because people making the comment that you did don't understand that an unregulated market will naturally lead to a regulated market that protects entrenched interests organically, by itself. There wasn't anyone in government that decided hospitals and insurance companies need to have record profits and price gouge their customers. It happened, because entrenched interests lobbied government officials to enact such legislature. Business is the one that perverse incentives through pressure on government. It doesn't originate in government spontaneously. > Some would say that crying "market failure" isn't a legitimate criticism. Saying market failure isn't a criticism in and of itself, it's a statement of fact. It arises whenever the market is unable (for a multitude of reasons) to distribute the services to the end consumers (e.g. health care recipients) in an effective manner. For example, saying that "tying health care to employment creates perverse incentives, because policymakers automatically assume that more people are covered than actually are, since policymakers themselves are employed" is a criticism (without judging how valid/accurate it is). Broadly saying "market failure" is not.
    • mariodiana 4y ago
      I understand what laissez-faire is.
• monkeybutton 4y ago
  Oh, the invisible hand is definitely there. Though, it's just slipping into your back pocket and lifting your wallet.