Health insurance is a solved problem

The current health care debate is reminding me how upset I am that most Americans don’t understand Economics. Paul Krugman, the master of economics journalism, explains it well. There is no debate. There are some types of goods for which markets work well, and others for which markets don’t work well. The simple fact is, health insurance is one of those goods that is most efficiently provided as a government monopoly. Just like defense or public parks. This is not controversial among economists.

Yet somehow politicians get away with meaningless arguments like “we need competitive markets.”

It seems incredibly dumb to spend so much time arguing about a solved problem. Especially when there are millions of people with sub-par health care that have to continue to wait for progress.

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