Unfettered Capitalism

[bripat9643]

That's a complex subject. Some Libertarians would say they are. Others would say not.

How can anyone suggest government protected monopolies are not interfering with a "free" market?

Dean Baker, "The Reform of Intellectual Property", Post-Autistic Economics Review, issue 32.

"The economics profession has devoted vast amount of research and textbook space to proving the inefficiency of various forms of protectionism.

"The basic story in this work is that protectionism causes the price to exceed the marginal cost of production.

"All of this work is entirely applicable to patents and copyrights, except the impact is at least an order of magnitude larger than with most instances of protectionism in international trade.

"While tariffs and quotas rarely raise the price of goods by more than 30 or 40 percent, patents on prescription drugs typically raise the price of protected products by 300 to 400 percent, or more, above the marginal cost."

The FDA raises the cost of prescription drugs by $1 billion for each drug, and you support what it does. Now you want to convince us that you're concerned about drug costs.

Who are you trying to kid?

The FDA is a rubber stamp for big Pharma. If you don’t know this you don’t know much.

If that's the case, then why does it cost $1 billion to get a drug approved?

All you ever do is post establishment pap.

Payoff. It’s a racket. But I doubt they pay that much. More lies.

"payoff" to whom? Certainly not the drug companies.

Jesus you’re slow. It’s pay off to government. Government and big pharma are one.

Government doesn't get the money, moron.

Stop posting. You know nothing.

ROFL! Now that's confidence: Telling your critic to stop posting.

 

[Toddsterpatriot]

BS. Get informed. It’s all a ******* racket, but you’re blind to it.

It is a racket. But you can't explain how it's a payoff to government.

They pay uncle to sell their dumb drugs. Uncle is doing very little regulating. The senior people in both government and big pharma trade places. It’s the revolving door. Get informed.

They pay uncle to sell their dumb drugs. Uncle is doing very little regulating.

They're regulating enough that fewer than one in eight drugs that enters clinical development gets approved. At a cost of over $2 billion. You have a really weird understanding of how things work.

The senior people in both government and big pharma trade places. It’s the revolving door.

Over $2 billion per approved drug........
maybe they aren't getting their moneys worth with the revolving door?

 

[georgephillip]

In this country until about 1916.

Do robber barons qualify as crony capitalists?

robber baron | Definition, Significance, & Captains of Industry

"Among the earliest of the robber barons was John Jacob Astor, a fur magnate who amassed his fortune through the monopoly held by his American Fur Company over the trade in the central and western United States during the first 30 years of the 19th century.

"This monopoly was achieved in part by crushing rivals and systematically cheating Native Americans of fur pelts.

"When his competitors complained to the government, Astor’s agents resorted to violence. With his riches, Astor routinely paid off politicians to protect his business interests."

 

[georgephillip]

They conflate themselves.

Memes and pretty pictures!

Explain how socialism and fascism "conflate themselves".

Memes and pretty pictures optional.

 

[georgephillip]

The free rider problem is a result of bad state policy, not a market failure. To solve it, you merely revert the bad policy.

When human activity in a market economy is exhausting critical non-renewable resources or overloading biospheric waste absorption capacities, do you blame the state?

Market failure - Wikipedia

 

[bripat9643]

In this country until about 1916.

Do robber barons qualify as crony capitalists?

robber baron | Definition, Significance, & Captains of Industry

"Among the earliest of the robber barons was John Jacob Astor, a fur magnate who amassed his fortune through the monopoly held by his American Fur Company over the trade in the central and western United States during the first 30 years of the 19th century.

"This monopoly was achieved in part by crushing rivals and systematically cheating Native Americans of fur pelts.

"When his competitors complained to the government, Astor’s agents resorted to violence. With his riches, Astor routinely paid off politicians to protect his business interests."

Violence isn't a feature of capitalism. What you describe is crony capitalism.

I don't know much about Astor, so I can't comment on your accusations.

 

[georgephillip]

Where does the marginal cost come in when you're recouping the $2 billion cost of development?

Depends on what percentage of that $2 billion came from NIH research, doesn't it?

 

[dblack]

Explain how socialism and fascism "conflate themselves".

They both hold up the state as the ultimate expression of society. ie both promote totalitarian government.

 

[bripat9643]

The free rider problem is a result of bad state policy, not a market failure. To solve it, you merely revert the bad policy.

When human activity in a market economy is exhausting critical non-renewable resources or overloading biospheric waste absorption capacities, do you blame the state?

Market failure - Wikipedia

How does socialism prevent resources from being "exhausted?" Leftwingers have been complaining about so-called "finite resources" for centuries, but somehow capitalism always manages to find a way to expand production.

 

[bripat9643]

Where does the marginal cost come in when you're recouping the $2 billion cost of development?

Depends on what percentage of that $2 billion came from NIH research, doesn't it?

Almost none.

 

[dblack]

The free rider problem is a result of bad state policy, not a market failure. To solve it, you merely revert the bad policy.

When human activity in a market economy is exhausting critical non-renewable resources or overloading biospheric waste absorption capacities, do you blame the state?

???

Free rider problems are created by bad regulatory policy that makes it possible to ride for free. It's not a failure of markets, but a policy failure.

 

[georgephillip]

Profit is the incentive for innovation and efficiency. Both missing in government.

Profit is pure greed and selfishness.

Global Capitalism: The Profit Motive Is The Root Of All Evil

"After some of its drugs were pulled off the market and calling it a ‘humanitarian mission,’ Pfizer tested an experimental antibiotic called Trovan on Nigerian children with meningitis without informing them or their families.

"11 children died, and others developed brain damage and serious arthritis.

"From the Washington Post:

"'The experiment came to light in December 2000, when The Washington Post published a lengthy examination of the trial. It found that Pfizer carried out the experiment on 200 children at a makeshift epidemic camp in the Nigerian town of Kano. The articles reported that Pfizer had no signed consent forms for the children and relied on a falsified ethics approval letter to defend the design of the experiment'".

 

[georgephillip]

The FDA raises the cost of prescription drugs by $1 billion for each drug, and you support what it does

Who told you that, Trump?

ASPPH | Johns Hopkins: Cost of Clinical Trials for New Drug FDA Approval Are a Fraction of Total Tab

"Clinical trials that support U.S. Food and Drug Administration (FDA) approvals of new drugs have a median cost of $19 million, according to a new study by a team including researchers from Johns Hopkins Bloomberg School of Public Health.

"The study, published Sept. 24 in JAMA Internal Medicine, is the most comprehensive analysis of key drug trial costs to date, and suggests that these costs contribute only modestly to the overall costs of developing new drugs."

 

[bripat9643]

Profit is the incentive for innovation and efficiency. Both missing in government.

Profit is pure greed and selfishness.

Global Capitalism: The Profit Motive Is The Root Of All Evil

"After some of its drugs were pulled off the market and calling it a ‘humanitarian mission,’ Pfizer tested an experimental antibiotic called Trovan on Nigerian children with meningitis without informing them or their families.

"11 children died, and others developed brain damage and serious arthritis.

"From the Washington Post:

"'The experiment came to light in December 2000, when The Washington Post published a lengthy examination of the trial. It found that Pfizer carried out the experiment on 200 children at a makeshift epidemic camp in the Nigerian town of Kano. The articles reported that Pfizer had no signed consent forms for the children and relied on a falsified ethics approval letter to defend the design of the experiment'".

I don't believe a word of this claim.

 

[bripat9643]

The FDA raises the cost of prescription drugs by $1 billion for each drug, and you support what it does

Who told you that, Trump?

ASPPH | Johns Hopkins: Cost of Clinical Trials for New Drug FDA Approval Are a Fraction of Total Tab

"Clinical trials that support U.S. Food and Drug Administration (FDA) approvals of new drugs have a median cost of $19 million, according to a new study by a team including researchers from Johns Hopkins Bloomberg School of Public Health.

"The study, published Sept. 24 in JAMA Internal Medicine, is the most comprehensive analysis of key drug trial costs to date, and suggests that these costs contribute only modestly to the overall costs of developing new drugs."

No one said the expenses incurred for approval were the total cost, moron.

 

[georgephillip]

Owners get to decide, failures don't.

Shareholders are parasites, not owners.

Killing the Host- How Financial Parasites and Debt Destroy the Global Economy

 

[bripat9643]

Owners get to decide, failures don't.

Shareholders are parasites, not owners.

Killing the Host- How Financial Parasites and Debt Destroy the Global Economy

Stock holders provide the capital to create the company, so how are they parasites?

 

[georgephillip]

When they wanted to get a bill passed to build a new airport in Denver, they said it would cost $1.5 billion. It ended up costing over $5 billion.

Any private, for-profit contractors involved in that example?

Advantages and problems of privatisation - Economics Help

 

[georgephillip]

That's like saying if you hire someone to mow your lawn that he should get a share of the equity when you sell your house.

Unlike the person mowing your lawn, 99% of shareholders contribute nothing to the success of corporations unlike workers which contribute almost everything to reaching quarterly expectations. You think like a slave.

 

[Indeependent]

That's like saying if you hire someone to mow your lawn that he should get a share of the equity when you sell your house.

Unlike the person mowing your lawn, 99% of shareholders contribute nothing to the success of corporations unlike workers which contribute almost everything to reaching quarterly expectations. You think like a slave.

Your complaining is boring because your solution does not address the problem.
All you want is more money per hour so the corporations will raise their prices and you''' still be at the bottom.