Harrison: We could imagine a total free market in, in the healthcare space. But I think historically, at least in American 20th century, there've been a few seminal events that pulled us away from that model. Harrison: The regulator's job is to ostensibly protect average American people from making choices out of desperation That are not really in their best interest.
Oncologist and epidemiologist Vinay Prasad argues that too many very expensive drugs get approved by the FDA that have very limited impact on the lives of patients. Prasad explains the incentives that distort the current system. The general problem, he explains to EconTalk host Russ Roberts, is the death of duty--too many players in the health care landscape and elsewhere stay quiet or do the wrong thing in order to serve themselves.