Michael Cannon at Cato picks up on David Leonhardt’s NYT article about error/process reporting in hospitals and suggests that there’s no need for regulation, as the market is getting us there already.
Hmm… methinks Michael underestimates what one economist he does approve of suggests identifies as a major problem. People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices” He may think that this has only been going on since 2002 or thereabouts but Codman was trying and failing to get transparency in hospitals in 1910! If we’re going to wait for the industry to really do this by itself to respond to Smith’s invisible hand, then as an economist Michael probably doesn’t have quite such a high regard for once said, in the long run, we are all dead!. Codman certainly has been pushing up daisies for a more than 60 years.