Hello, Dr. Keith Smith with you on behalf of the Surgery Center of Oklahoma, thank you for joining me.

We’ve reviewed a lie that many of you believe, that government regulations are meant to protect us from corporate abusers. When, I think I’ve made the case and Dr. Shafer has made the case, that government regulations protect the larger businesses from newer, upstart competitors.

A corollary lie that many of you probably believe, is that in the absence of government regulation, what results is a disordered free-for-all. I would refer any of you that believe that to be the case to an article written in 2011 by Steven Horwitz.

This is an article that discusses the order that is created by the marketplace. He quotes Hayek among others basically reminding us all the we should choose. Do we want the order of the marketplace, which is basically based on the preferences of consumers, or do we want the order of bureaucrats imposed on us? Take your pick, it’s one or the other.

There’s a link to this article, that was published by the Foundation for Economic Education, at the bottom of the written version of this blog and I would encourage any of you who are inclined to succumb to this corollary lie of a disordered, chaotic medical marketplace in the absence of government bureaucrats and their regulations to check this article out. It is very compelling.

Thank you for joining me, we’ll see you next time.

Read Steven Horwitz‘s 2011 article.