ABC news commentator John Stossel, writing in Reason Online, “The Arrogance of Health Care Reform,” asserts, “It’s crazy for a group of mere mortals to try to design 15 percent of the U.S. economy.”
Like the politicians, most people are oblivious to F.A. Hayek’s insight that the critical information needed to run an economy—or even 15 percent of one—doesn’t exist in any one place where it is accessible to central planners. Instead, it is scattered piecemeal among millions of people. All those people put together are far wiser and better informed than Congress could ever be. Only markets—private property, free exchange, and the price system—can put this knowledge at the disposal of entrepreneurs and consumers, ensuring the system will serve the people and not just the political class.
This is no less true for medical care than for food, clothing, and shelter. It is profit-seeking entrepreneurship that gave us birth control pills, robot limbs, Lasik surgery, and so many other good things that make our lives longer and more pain free.
Stossel has a new blog at http://blogs.abcnews.com/johnstossel.
(Hat tip: Glenn Reynolds at Instapundit.)
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