More Illogic in USA Health Care Debate

Paul Krugman is a professor of Economics and International Affairs at Princeton University. In 2008 he won the Nobel Prize in economics for his work on global trade patterns. He wrote an op-ed column in the August 24, 2009 New York Times entitled "All the President's Zombies". You can read the full article at http://www.nytimes.com/2009/08/24/opinion/24krugman.html?partner=rssnyt&emc=rss

The article is very interesting from a number of viewpoints. He soundly debunks the value of Reaganomics (the efficient market theory). I had referred to this in my blog "Greed, Lack of Regulation and Innovation Gone Amok". I think it is fairly well accepted given the financial times we have gone through that such approach by Reagan and Thatcher amongst others was ill conceived. Dr. Krugman goes on to compare this to fallacies in the negative side of the debate over the "public option" in USA health care. He argues that we should not consider the public option as it would be a horrible government intervention.

We've just gone through a financial time which has proved that some government intervention is not only useful, but required to curb the misdeeds of some. Would one consider that some health care providers in the USA could use a tune up through some reasonable government regulation? I think not. And it's a small step from there to the government offering a parallel system. For the free marketers - let the consumer decide which one they want to use. Dr. Krugman sets out many cogent arguments and then tries to tackle explaining why these zombie ideas of Reaganomics won't die. An article well worth the read.