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Time is an important component, but is not enough. Tere is no utility price - for example if all tv producers conspire and set TV prices at $10,000 for entry le
by ClumsyPilot 4y ago
Time is an important component, but is not enough. Tere is no utility price - for example if all tv producers conspire and set TV prices at $10,000 for entry level tv i will go without one. So will all consumers. Thats your price limit.
However that does not apply to medicine, see epipen scandal. prices can be inceeased infinitely.
Also Many medicines enjoy patent protection and thus have no competition,
- thephyber 4y agoWhile what you say is mostly true, it's not the whole story. Price transparency doesn't fix price fixing, broken intellectual property laws, etc. But it does increase competition in a space where opacity is currently a feature. Americans are paying so much that medical visits to other countries are affordable. Trips to Mexico or Canada to purchase medicines. Trips to Europe to get a hip replacement. The fact that "Medical tourism" even has a term means that Americans are searching for ways to reduce cost. Price transparency is a tool, even if it's debatable about how big the lever is.