no third solution » Economics Lessons
Health Care Slavery
The Texas Tribune reports that a growing trend among doctors (especially among specialists) is refusal to accept Medicare and Medicaid patients. This is due in large part to the layers of bureaucracy and rolls of red tape which come attached to these patients — in other words real expenses in terms of time and labor — for which the health care providers are not compensated. “In essence, physicians are donating their services every time they see someone on Medicare or Medicaid,” said Dr. Susan Bailey, a Fort Worth allergist and the incoming president of the Texas Medical Association. “It just becomes a matter of whether or not you can keep your bottom line healthy.” … “Why should I take [Medicaid or Medicare] patients who could be seen at a clinic, at [the … Read entire article »
Filed under: American Politics, Economics Lessons, Health Care, Legalese
Marx’s Circularity
Aside from what I’ve previously written about Marx, I keep examining his peculiar brand of “economics”. After all, it laid the groundwork for most of the past century’s public policy (and subsequent catastrophes), and pretty much all of what we’ll be forced to bear for the foreseeable future, as well. So I just can’t let it go. Per Marx, exploitation is the result of primitive accumulation (a topic I’ve already thoroughly discussed). And over-accumulation is what ultimately leads to the exploitation of the proletariat. But so-called over-accumulation depends upon exploitation, right? As it stands, it’s an insoluble problem. If it were one or the other, we could resolve the root problem. It can’t be both. Exploitation can’t be the cause of accumulation, if accumulation is a necessary condition for exploitation. Don’t feel bad … Read entire article »
Filed under: Economic Fallacies, Economic Theory, Economics Lessons
The Cost of Real Estate
There is all sorts of land in the world, but precious little of it abuts world-class ski resorts like Park City Mountain Resort, in Park City, Utah. And there are all sorts of houses of all variety of quality in the world. But a small house, adjacent the ski slopes or near the pedestrian Main Street in Park City might fetch a very handsome price, compared to say, a similarly appointed property in Algonac, Michigan. The house in Park City didn’t cost more to build. It doesn’t cost more to maintain, so why would anyone in their right mind pay the equivalent of one month’s mortgage payment to (gasp!) rent a house in Park City? This apparent discrepancy can’t be reconciled without a functioning market*, where individuals are permitted to dispose … Read entire article »
Filed under: Economics Lessons, Property Rights