The parts of our economy that work the worst would be the housing market, the healthcare market and the education market, college. We have this weird mix where you get a lot of the worst of human irrationality, private sector incentives, government incentives, and we blend them all together. So there are government-run systems which at least in some ways work better than ours. But one also has to be balanced. The pharmaceutical sector has done phenomenal things at relatively low expense.
Author and economist Tyler Cowen of George Mason University talks about his book, Big Business, with EconTalk host Russ Roberts. Cowen argues that big corporations in America are underrated and under-appreciated. He even defends the financial sector while adding some caveats along the way. This is a lively and contrarian look at a timely issue.