We're on our way to being Cuber, folks. The Wall Street Journal comments that med schools are trying hard to keep up.
This is what happens, inevitably, when you over-regulate an industry. What's next?
Mediocrity. Med schools will eventually fill up with a bunch of marginally-qualified applicants just to meet the demand of government-sponsored or subsidized health care, and quality will go down that way, too, as with many of the other changes. It may take 30 years, but we'll see it happen, sure as anything.
What happened in banking was much the same: over-regulation drove talent out of the industry after the 1930s. After all, how hard is it to run a bank when the government micromanages every decision? The savings and loan industry, as it existed in 1980, is a really good example of "mediocracy" at its finest -- borrow at 3, lend at 6, hit the links for a 3 PM tee time.
Welcome to mediocrity. We'll have the best health care this side of Cuba.
This is what happens, inevitably, when you over-regulate an industry. What's next?
Mediocrity. Med schools will eventually fill up with a bunch of marginally-qualified applicants just to meet the demand of government-sponsored or subsidized health care, and quality will go down that way, too, as with many of the other changes. It may take 30 years, but we'll see it happen, sure as anything.
What happened in banking was much the same: over-regulation drove talent out of the industry after the 1930s. After all, how hard is it to run a bank when the government micromanages every decision? The savings and loan industry, as it existed in 1980, is a really good example of "mediocracy" at its finest -- borrow at 3, lend at 6, hit the links for a 3 PM tee time.
Welcome to mediocrity. We'll have the best health care this side of Cuba.
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