Saturday , July 21 2018

MR wisdom

Summary:
Best sentence award:"It will not escape notice that New York buys subway construction the way all of America buys health care."-Alex Tabarrok, Marginal Revolution, covering an excellent New York Times article on why subway construction in New York is so insanely expensive.France -- supposedly bureaucratic, dirigiste, labor-protected France -- builds subways and high speed trains for far ...

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Best sentence award:
"It will not escape notice that New York buys subway construction the way all of America buys health care."
-Alex Tabarrok, Marginal Revolution, covering an excellent New York Times article on why subway construction in New York is so insanely expensive.

France -- supposedly bureaucratic, dirigiste, labor-protected France -- builds subways and high speed trains for far less than we pay. Something about the US government makes us singularly inefficient in public expenditures. Don't expect the French health care model to cost the same here either.
John H. Cochrane
In real life I'm a Senior Fellow of the Hoover Institution at Stanford. I was formerly a professor at the University of Chicago Booth School of Business. I'm also an adjunct scholar of the Cato Institute. I'm not really grumpy by the way!

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