I now think that there is a genuine problem, but it's not the problem that most people talk about. The problem is that Americans make extravagant use of medical procedures with high costs and low benefits.
On May 23, at <a href = "http://www.cato.org/event.php?event
Fair enough, but as his book and mine both point out, 85 percent of our health care spending is paid for by third parties. If consumers were paying themselves for all these unnecessary MRI's, low-benefit cancer screenings, etc., that would be absolutely their decision. But that's not the reality.