Power of the Market - Medicine
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We may disagree on the specifics, and indeed, as Friedman mentioned in the Consumer Protection video, we can't outlaw accidents. Nonetheless, governments or similar agencies should at the very least ensure the transparency and accessibility of information.
No market can put a price on the truth.
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Furthermore, with respect to the medical establishment, suppose the conglomerate that produces the potentially-lifesaving drug in question also employs thousands of physicians and finances prominent medical journals. What guarantees does the consumer have that they're being properly informed of the risks they are taking?
One need not compromise on safety or efficacy. Consumers deserve to know the risks associated with their choices, and therein lies the necessity of regulatory oversight.
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Ah, yes--the "free market" steps in to resolve consumers' medical demands.
...By allowing them to travel to another country, with an even more extensive bureaucracy regulating the product in question. Which is subsequently paid for by the taxes of the citizens of that country.
Where does the free market enter into this equation again?
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@Tidoublemy you still don't understand the idea of liberty, you shouldn't force anyone to do anything even if it is favourable for them to do so. you can only do it by persuasion. to force people to watch what you think is a way of thinking may not be the idea of others, even if you are 100% correct. It is your duty to convince them that through liberty and the ideas of people like Dr. Milton Friedman that them and the society they live in would be more favourable to live in.
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@2dum2getsocialism there would have to be A LOT more than 10,000 dead for people to be able to do anything about it. For example, cigarettes kill nearly 5.4 million people each year and none of the larger firms have ever been in serious danger from law suites or healthier competitors. Also, cigarettes don't even have the hook that pharmaceuticals do, ie "your survival may rely on the consumption of this drug"
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@coletrainwvu in my example, the wonderdrug was connected to 10,000 dead; public outcry; class actions; and the subsequent loss of customers would penalize the company much more effectively then some heavy handed, top down mandate/regulation
also, you are forgetting the value of a viable competitor of "wonderdrug" inc.; the competitor would make sure that any chicanery be uncovered; it is in his interests to do so; also, it is very profitable to care if the customer is free to choose it
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@2dum2getsocialism It seems very idealistic to assume that just because a company deserves to be sued, that someone will actually manage to sue them. Keep in mind if a company manages to sell a "wonder drug" and makes massive profit, that they could stall the case for an indefinite amount of time and would have much better lawyers. Most likely they would just pay the families off and consider them as collateral damage and never reinvest in fixing the drug. It's not profitable to "care".
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@coletrainwvu again--- you fail to understand what competition is; let us suppose a free market health care system
if a company brings a wonderdrug to market (no fda anymore now) and the drug fails and ends up killing 10,000 people then what?
there would be a giant class action suit and the company would be out of the game
the market is what generates innovation
there would still be "whistle blowers" and investigations to insure quality control by making it unprofitable to make poor products
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anyone know what year this series is from?
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Everyone in America should be made to sit down and watch a video of Friedman speak for 2 hours then we'll get some fresh candidates and have a presidential election.
Tidoublemy 3 years ago 13
great video!! I loved Milton.
kgwickings 3 years ago 8