Albert Rees was a University of Chicago trained economist who wrote some of the most influential works in the field of labor economics. Despite his Chicago training – Chicago being the epicenter of the idea that humans are guided largely by rational choice – he was well aware of something crucial missing from economic theory:…
Here’s the opening paragraph from a New York Times magazine article published in May of this year, about monk seals. What a great way to open the piece: The Hawaiian monk seal has wiry whiskers and the deep, round eyes of an apologetic child. The animals will eat a variety of fish and selfish, or…
Until recently, hospitals in California had little reason to reduce the fees they charged for procedures like knee and hip replacement. Insurance companies might come their way, trying hard to bargain down their rates. But the hospitals knew that if enough of them said “no” to these lower fees, insurance companies would be left with…
During a particularly miserable World War II battle, a military analyst estimated that it cost $25,000 in artillery shells for each enemy soldier killed. That caused one soldier to ask: “Why wouldn’t it be better to just offer the Germans $25,000 to surrender?” If only the world were so rational! (Click here to view comments)
I thought I would share this paragraph with you: “They tramped through a land as exotic as North Africa, a land of village witches and exorcists, where the sick swallowed powdered amber or drank the dust of St. Peter’s bones. Big-wheeled carts clattered on iron rims over the cobblestones; the scenes painted on their sides…
WWII Gen. Terry de la Mesa Allen on military strategy: “Tactics are nine tenths audacity.”
In World War II, soldiers were reminded regularly to take their anti-malaria pills. One soldier summarized this practice as follows: “Like fat cattle who are pampered to the very doors of the slaughterhouse, it was important that if and when we died we should be in good health.” Gulp. (Click here to view comments)
Healthcare markets are complex and confusing places. But one fact is simple and straightforward: all else equal, hospitals and emergency departments are a lot more expensive than outpatient clinics. Which makes it all the more bewildering that so many low income patients prefer hospitals over primary care clinics. Bewildering until now. Shreya Kangovi and colleagues…
In a recent post, I give you a flavor for Rich Cohen’s wonderful book The Fish That Ate the Whale. One of the things that struck me in reading his book was the psychology of entrepreneurial success. It is often difficult to be a superstar entrepreneur if you are realistic. Often the biggest successes in…
In this video, I talk about why doctors should talk to patients about out-of-pocket costs when evaluating treatment options.