Episode 234: Errors We Repeat in Economics
Words & Numbers
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The Cost Overruns of Health Insurance
The cost to create healthcare.gov went basically 100% over budget, 824 million dollars. A 46% overrun is going to kill any project in the private sector. The later expansion of the Erie Canal was 142%. Sticking with canals, the construction of the Panama Canal in the early 1900s went 106% over budget.
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