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I just got this book but haven't gotten around to reading it yet, anyone out there who has read it, have any opinions?

Or recommend any good economic books?

For what its worth, I already do have several Thomas Sowell books, and a couple of Friedman written ones along with Hazlett.

1 posted on 12/06/2005 3:19:56 PM PST by Sonny M
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To: Sonny M

I like the hybrids cars and organic foods.

These worthless products take money from stupid leftists --- who go otherwise use it to do harm, such as by donating to PETA, Hamas, or other terrorist organizations --- and gives it to capitalists.


2 posted on 12/06/2005 3:44:42 PM PST by MeanWestTexan (Many at FR would respond to Christ "Darn right, I'll cast the first stone!")
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To: Sonny M
He says that it is difficult for consumers to know whether they are receiving cost-effective treatment. However, this is not an information asymmetry -- doctors, too, rarely know whether they are providing cost-effective treatment

This is only partially true - the problem is without outside monitoring doctors have no incentive to try a less costly treatment - instead the reverse is true. 15 years or so ago many of the Medicaid audits focused on "kickbacks" to MDs who recommended a specific treatment. More recently, we see HMOS pressuring doctors on the payroll to recommend the least costly treatment. Ether way, cost and certain economies play very heavily into treatment decisions.

H also argues that consumers know too well whether or not they are likely to get sick, and that this is what makes private health insurance unworkable. However, in reality, this information asymmetry is not such an issue. In fact, Bryan Caplan caught Harford contradicting himself by stating that illness is "extremely unpredictable."

The truth is somewhere in the middle - in general, people know whether they are healthy or not - so on a macro scale health insurance attracts those who need it the most - left to it's own devices with result in what is commonly known as the "spiral death" syndrome. At an individual level, though, incidents of illness are unpredictable, and can be economically distorting at the personal level.

3 posted on 12/06/2005 3:51:18 PM PST by Fido969 ("And ye shall know the truth, and the truth shall make you free" (John 8:32).)
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To: Sonny M

Free to Choose and Capitalism and Freedom
are both superb and both by M. Friedman.

Then skim Das Kapital for the other side. A week with Marx and you'll understand why communism was doomed to failure.


4 posted on 12/06/2005 4:04:11 PM PST by RBroadfoot
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To: Sonny M

"Or recommend any good economic books?"

I am making the assumption that you are interested in good economics books of the non-academic variety. I have two classics that have withstood the test of time: "A Radical's Guide to Economic Reality" by Angus Black; this crafty little paperback came out at the height of the Vietnam War and, contrary to its title, is full of subtly delivered conservative economic thought--e.g., school vouchers. A second book worthy of your attention is "A Time for Truth" by William E. Simon. Mr. Simon commits unspeakable heresy when he writes that government spending is just a middle class subsidy. That is, all the welfare programs and public school subsidies are designed more to employ otherwise unemployable college graduates than they are to help targeted clients. There are more that I can suggest at a later time.


5 posted on 12/06/2005 4:15:52 PM PST by kilowhskey (Land of the free, because of the brave.)
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To: Sonny M

Another good economics book is a paperback by heretofore unknown economist P.J. O'Rourke. Can't think of the title offhand. It is a quick read and each chapter cuts to the chase in each country's economy he profiles.


7 posted on 12/06/2005 9:56:17 PM PST by kilowhskey (Land of the free, because of the brave.)
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