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This is a wonderfully trippy new video from the Octopus Project:

By Ezra Klein  |  July 29, 2009; 12:42 PM ET
 
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In a 2004 study on medical imaging in Canada,[79] it was found that Canada had 4.6 MRI scanners per million population while the U.S. had 19.5 per million. Canada's 10.3 CT scanners per million also ranked behind the U.S., which had 29.5 per million.[80]

Why Ezra, why? Could it be that the market system is superior than the command and control? Could it be that by nature and through the market system people seek to invest their money where there is a higher return? The US has made the investment in MRI's and CT scans because there was a higher return on investment due to demand. When the market becomes saturated, demand goes down, the profit will go down, then the investment will turn elsewhere, where there is demand. The result is an equilibrium. Or to put it more concisely, there is a tendency in a free market toward the establishment of a uniform rate of profit on capital invested in all different industries.
The result is that the industry is well served, the patients are well served. They are not waiting in line like they are in Canada or in Britain.

You can't get this equilibrium through command and control system. Either the patient is underserved or the investor (the investor might be anyone with a 401k or savings.) is underserved. Or both are underserved. That is exactly what is happening with your plans. I advise you to visit a library and study some economics before bloviating all over the internet about something you know little about.

Posted by: HayeksHeroes | July 29, 2009 1:29 PM | Report abuse

Hmm... What was that video??? It was more freaky than trippy to me!

Oh, and "HayekHeroes", could it be that we have more MRIs and CT Scanners because we perform more a huge number of unnecessary MRIs and CT Scans, thereby driving up costs?

I'm not an expert in any of this stuff, but at least I try to look at things from more than one angle. Please be a bit more openminded before you let us know just how badly you interpret this stuff yourself. Open market is all well and good, but we all know just how that works out unless there's someone imposing some sanity to it.

Posted by: JERiv | July 29, 2009 2:22 PM | Report abuse

Oh, and "HayekHeroes", could it be that we have more MRIs and CT Scanners because we perform more a huge number of unnecessary MRIs and CT Scans, thereby driving up costs?

Hmm!. Is stupid a degree they offer at your U? Mass production drives down costs. Ford figure that out about 100 years ago. In your logical world, the more cars that are produced the more expensive they are. Fortunately, your world does not exist yet. Although Obama is trying hard to impose it.


Posted by: HayeksHeroes | July 30, 2009 12:37 AM | Report abuse

Austin band, video set at Galveston. Vaguely reminds me of G-Man Johnny Utah, what with the white shirts and skinny ties. Not the sneakers.

Posted by: DaveoftheCoonties | July 30, 2009 3:52 AM | Report abuse

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