Arnold Kling  

Interviewed on Health Care

Are Immigrants "Ordinary Peopl... Wisdom of Crowds?...

I spoke here.

one of the recommendations in the book -- and this is probably unusual from a libertarian perspective -- is that the government charter some kind of commissions analogous to what the UK has called their "National Institute for Clinical Excellence". Such an entity would study cost and benefits, and do good analysis. In my book, I argued people would have not just medical knowledge, but statistical knowledge and economic knowledge, based on a set of standard recommendations that consumers could use.

So a consumer could say "OK well, this is what's standard here, do I want something that's more expensive that takes more precautions or do I want -- am I willing to take something with less expensive than the standard?" But they would have some kind of benchmark to go by. Because I think right now if you dumped the decisions into the hands of consumers with today's levels of information, it's a reasonable criticism that you would see a lot more mistakes being made.

Of course, by now you should be reading Crisis of Abundance.

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