Saturday, July 4, 2009

Americans Spend Too Much on Medical Care

How can you tell? Time-series and cross-sectional data. Milton Friedman's How to Cure Health Care offers an insightful diagnosis and prescription of the current Health Care situation. I plan to write more about it in the future, but for now I found it satisfying to recognize the econometric techniques used in the analysis.

Cross-sectional data:
Time-series data:
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Rational Ignorants

Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant. ~Fredrich Hayek in The Constitution of Liberty