I read this Post and came to this article. I ask myself Why the Pot is calling the Kettle black? The panache is remarkable on both endeavors, and Solutions are left to Crystal Glass easily shattered. Each are almost equally Wrong on opposite Sides, and also equally Right on some issues. Our Economy is built on poor quality Toilet Paper as Teitel would allege if honest, but Chris Dillow would defend the denizens of the Toilet bowl, which no one can. Trading is an absolutely honest profession; it is only the Practitioners who might lack some degree of honesty. An attack upon the Margin Traders might be wholly unjustified, but so might be any defense of them. We must admit that We have arrived where We have today, and these people were heavily involved in the Flight plan. Curse the Traders–No!; though Cursing and Spitting on the Sidewalk may be appropriate upon hearing their Name. I remember the old Spanish Saying that God will sort the Souls; I think the Devil has a much worse Sorting process to go through.
Mark Thoma is trying to equate Apples and Oranges, where One element only loses potential future economic advantage, while the Other incurs higher down the road Costs for lack of immediate application. Education relies on economic advantages which may be reality in the future, while Medicine relies on economic losses which will immediately incur. Education can rely on a system which generate high future expectations, whether they will be realized or not. It is good venue for private industry, which does not have to prove that there will be any future economic benefit. Medicine has to deal with immediate observable losses, and private industry does poorly unless immediate favorable Results can be proven. Education will always be a haven for private institutions, which even gain popularity from their exclusivity. Medicine will always face eventual Public takeover, simply because medical failures will immediately bring economic disadvantages and condemnation. The most favorable position is to be in Public Education, where Wages are determined by Private institutions, but possess bureaucratic protection of Jobs and Benefits. The worst position is in Public Medicine, where Salaries are held down by the Numbers employed, with immediate identification of failure. I could explain exactly How this altered the Profits profile of the two Sectors if I were a good Economist; therefore, I won’t.
I will state that We will never permanently escape universal, Public Health Care. There will never be an End to the Demands made by the Public for relief from medical Costs. There will never be a cessation of howls for any medical failure, or any real guarantee of advantage from Educational opportunity. Both are Demand industries, but only One must face the music of bad outcomes. The humor comes it the fact that defined Outcomes have slightly less financial rewards than does Success in the other Sector. Success for a Doctor leaves them will relatively the same Pay scale as their less-endowed co-workers, while Educators get huge side Pay Increases from Lecture tours, etc. They don’t pay me, and they don’t grant me a Job; but I am still better off than Doctors, who have to show up for Work in the morning. lgl