enter stage left kenneth arrow antique econ con lawn gnome extraordinaire :
"When the market system works properly, greed is tempered by competition. Hence, most of the gains from innovation and good service cannot be retained by the providers."
"But in situations of asymmetric information, the forces of competition are weakened...There arises an obligation to present the relevant information as fully as possible"
" an obligation that has been violated in the financial industry"
but according to ken that obligation is not so violated in the health industry
where
".... standards of proper practice... involve revelation of all information,
or at least the requirement that differences in information not be exploited"
my conclusion:
ken at 90 fears bad doctors more then crooked bankers
so he has to believe in a difference between the two "professions"
that is barely real
for the rest of us the fear and the false faith
may vary
