Monopolies

“Monopoly is the enemy of efficiency, whether under capitalism or socialism. The difference between the two systems is that monopoly is the norm under socialism. Even in a mixed economy, with some economic activities being carried out by government and others being...

Greed’s High Prices

“To many people, even today, high profits are often attributed to high prices charged by those motivated by ‘greed’. In reality, most of the great fortunes in American history have resulted from someone’s figuring out how to reduce costs, so as to be able to charge...

Nocebo Effect

“Misdiagnosis is an incorrect diagnosis, while over-diagnosis is one that doesn’t help and, in fact, might harm the patient. One of the reasons to avoid certain medical labels is the nocebo effect, the opposite of placebo. Sometimes when patients get a diagnosis, they...