As the Edsel flop demonstrates, businesses in the free market are quite capable of making colossal mistakes. However, when they do so and the customer rejects their products, they make the necessary adjustments...
Whereas the potential buyers of the Edsel simply grimaced when they finally saw the thing and walked out of the showroom, the President and his congressional accomplices have arranged for you to be fined if you refuse to buy their ugly, overpriced, and dysfunctional product.
Gordon Crovitz: "ObamaCare's Serious Complications" (WSJ, 10/14/2013). Excerpt:
Have you ever seen a price list in your doctor's office or at a hospital? Probably not, except for services like laser eye surgery and elective plastic surgery, which aren't covered by insurance. In these rare cases, there is price transparency and open competition.
As hospitals have merged to cope with the costs of increasingly complex regulation, competition has further diminished. This is a reminder of the truism that monopolies can only be sustained when government policy supports them.
