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200 Welfare State Horror Stories

Written by Gary North on October 9, 2012

I recommend two books: one on socialized medicine’s foul-ups and the other on government regulatory foul-ups. You can download both for free. The first is Shattered Lives. The second is Shattered Dreams.

These books are a warning. Bureaucratic medicine and bureaucratic safety are myths. People who were supposed to be helped were harmed.

There are four main ways of allocating scarce resources: (1) allocation by competitive money bids, (2) allocation by ration coupons, (3) allocation by standing in line, and (4) allocation by secret favors.

When allocation is by competitive bids, those without money lose. When it is by rationing, those without ration stamps are hurt. Those with time on their hands prefer the third. Those whose time is valuable don’t. Then there is rationing for secret favors. This is favored by good-looking women who don’t have inhibitions.

The first is best for productivity: more goods, lower prices.

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