No. Economic. Theory. Silicon Valley’s congressional representative. Explains a lot.https://twitter.com/rokhanna/status/995672764999757824 …
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A more generous way of putting the congressman’s comment would be that price reducing economic forces are not able work in the pharmaceutical market due to the market structure and regulatory framework, such as lack of transparency in prices, trivial patent renewals
@EconTalker -
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I am employing a saving construction of his comment
ala Justice Roberts.
End of conversation
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He’s making what’s apparently a needed and non-obvious point, since some people still claim that higher drug prices benefit the American public. Surely you don’t support that view?
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The tweet you’re referencing is somewhat incoherent. More precisely put, “No economic theory supports the notion that high drug prices are maximizing our collective utility function. Rather, they maximize that of a secret few.” However, a smart politician wouldn’t speak thus
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Is that right, though? Economic theory presupposes greed, it doesn’t explain it. Mainstream economics at best explains the space within which strategy pursuant to utility function maximization (aka greed) operates.
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