When the government pays, health care's lack of affordability becomes a self-fulfilling prophecy. In health care, as in other things, government is the high-cost producer.

I think that the main issue with inequality is not the gap between the rich and the poor. It is the gap between the earnings of top business leaders and the salaries of academics and journalists.

When the government pays, health care's lack of affordability becomes a self-fulfilling prophecy. In health care, as in other things, government is the high-cost producer.

Anyone who believes that we can afford collectively what we cannot afford individually is delusional.

The gap between what one knows and what one thinks one knows may be higher in the ranks of the elite. The result is supposedly-clever government interventions, introduced with excessive confidence, leading to disastrous results.

After over half a century of employer-provided health care coverage, the American people have developed a phobia of paying for health insurance themselves.

Phelps has given us a clear warning of the dangers of corporatism. I hope that more people hear and heed the warning.