I’m not referring to disagreements, I’m referring to obvious mistakes made by smart, intelligent people. Let me turn the microphone over to Ariel Pakes, who may one day win the Nobel Prize:
Our calculations show that currently proposed US policies to reduce drug prices, although they benefit low-income people and the elderly, would dramatically reduce firms’ investment in welfare-enhancing R&D. The US funds the global pharmaceutical market. One reason US prices are higher than other places.
That’s from his new NBER working paper. That’s supply-side progress at work, but cut short by anti-corporate mood.
I don’t believe we should cancel those who want to control drug prices, even though they will probably kill millions in the long run, at least to the extent that they are successful. (The supply is expanding!) But if we would love ourselves, we would be patient, indeed you are welcome they entered the society of intellectuals, we should behave well to others. Because the mistakes of others are probably worse than those who wish to lower US drug prices.
Please note that you would prefer more government funding for drug R&D, and you don’t want to see those prices lowered.
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