Sowell Applied Economics Thinking Beyond Stage One (revised and enlarged ed)
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risk: 133, 134, 138–162 “social insurance”: 167, 170 the uninsured: 157, 160
Ireland and the Irish, 37–38, 124, 128–129, 171, 174, 175, 177, 185, 186, 191–192, 202
Italy and the Italians, 125, 171, 173, 174, 178, 181, 184, 185, 192, 197, 254, 256, 257, 272
Japan and the Japanese, 37, 55, 62, 153, 163, 170, 178, 182–183, 190, 193, 205, 214, 233, 238, 242, 249, 260, 264, 265, 268, 270, 271
Jews, 124–125, 127, 128, 171, 174, 175, 178, 183, 185, 193, 202, 209, 216–217, 218, 222–223, 224, 228, 263, 265
Juries, 36–37, 38–39
Killing the Goose that Lays the Golden Egg, 16, 75, 76, 78
Labor,
child labor: 21
forced labor: 20, 37, 39–41 free labor: 20, 21–27 human capital: 22–27 indentured labor: 44–45 labor unions: 21
“menial” labor: 26
minimum wage laws: 2, 26, 30, 224 productivity: 37–41, 42–43
unfree labor: 20, 21, 36–52 unions: 217–218
unpaid labor: 23–26 Las Vegas, 70, 106
Latin America, 179, 190, 191, 194, 265, 267, 268, 279
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Lebanon and the Lebanese, 174, 175, 179, 180, 193, 202, 243, 265 Liu, Na, viii
London, 29, 33, 57, 153, 160, 190, 193, 249, 254, 255, 264 Los Angeles, 16, 24, 106, 112, 141, 184, 250
Loudoun County, Virginia, 103–104, 187
Malaysia and the Malays, 180, 181, 213, 228, 230, 247, 264, 265 Manhattan, 99, 105, 124, 127
Mantle, Mickey, 89 Marx, Karl, 12 McDonald’s, 26, 245
Medical Care, 53–94, 172, 203
costs: 53–54, 56, 60, 61–63, 64, 66–67, 68–69, 70–71, 72, 73, 74, 77–78, 80, 86–88, 89–90, 91–92, 93–94
defensive medicine: 69, 70
doctors: 54, 55–56, 60, 61–62, 63–64, 66, 80, 92, 216–217 health care vs. medical care: 58, 92–93
hospitals: 56–57, 75, 92
insurance: 53, 64–65, 67, 68–71, 88, 90
international comparisons: 58–59, 60–62, 73–74, 76–77, 93 lawsuits: 69–70, 84
medical malpractice: 68–71 medical technology: 59, 92 mortality rates: 93
organ transplants: vii, 68, 84–91 pharmaceutical drugs: 71–84, 92, 149–150
price control: 54–64, 65–66, 76, 84–85, 90, 92, 94 quality: 54–59, 61
vaccines: 149–150
waiting times: 55, 58–59, 60–61, 68 Mexican Americans, 93, 184
Mexico, 184, 188, 190, 194, 203, 209, 238, 255 Middle East, 50, 51, 242, 247, 248, 270
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Mill, John Stuart, 260
Minimum Wage Laws, 25, 26, 30, 224
Mohawk Indians, 209
Muslims, 184, 201, 202
Mutual Aid Societies, 133, 144
Nader, Ralph, 146, 147, 148, 149 Natural Disasters, 164–165
Natural Resources, 189, 240, 247, 255, 261, 267–268, 271, 272
New York City, 5, 16, 17, 25, 33, 35, 99, 110, 113, 114, 115, 123, 125, 128, 177, 209, 249, 250, 255
New York State, 24, 33, 96
New York Times, 7, 12, 35, 63, 91, 110, 117, 118, 119, 161, 184, 233 New Zealand, 32, 58, 69, 182
Nigeria, 21, 127, 213, 230, 243, 265 Nixon, Richard M., 1, 6, 8–9
Oakland, 110, 136
One-Stage Thinking, iii, vii, 6–7, 18–19, 69, 70, 71, 74, 78–79, 92, 99, 112, 121–122, 131–132, 151, 157, 158, 160, 164, 201, 202, 203, 205–206, 223, 227, 230, 231, 232, 237, 239, 245–246
Organisation for Economic Co-operation and Development, 58, 59 Ottoman Empire, 41, 47, 193, 249, 265
Pakistan, 85, 165, 193
Palo Alto, California, 96–97, 98, 107–108, 110
Pennsylvania, 69, 70, 81, 89, 250
Peru and the Peruvians, 44, 45, 244, 246
Pharmaceutial Drugs, 71–84
advertising: 78–81
development: 72–74, 75–77
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Food and Drug Administration: 72, 75, 77, 79–80, 81–83 generic equivalents: 73, 74–75, 78, 81
prices: 71–72, 73, 76
Poland and the Poles, 190, 215, 217, 218, 224 Police, 107, 110
Politics, 1–19, 75, 130, 136, 195, 264, 273 “art of the possible”: 3
categorical decisions: 3 demonization: 9, 73
“do something” policies: 7–14 experimental policies: 10–12 hoped-for results: 4–5, 101
killing the goose that lays the golden egg: 16, 75, 76, 78 package deal decisions: 2–3
politicians: vii, 4–6, 141–142, 158, 159, 203 time horizon: 4
versus economics: 1–6, 7, 8–9, 159, 163–167, 205 voters: 2–4, 99
Ponzi, Charles, 168–169
Population, 260–263, 267 Posterity, 102–103, 105–106
Prejudice, 208–212, 215, 229–230, 257 Price Control, 7, 8–9, 112–113 Productivity, 37–41, 42–43
Property Rights, 102, 103, 104
Rationality (see also Incentives and Constraints), 30-33, 57, 158, 211–212, 227
Reagan, Ronald, 9
Rent Control, 5
Risk, 70, 86, 87, 91, 133–170, 239 adverse selection: 154–155, 160 age: 140–142
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banking: 137–138, 165–167
comparisons of risks: 142–144, 145, 146, 148–150 economics of risk: 161–167
financial risks: 137–139, 142, 150–151, 165–167 genetic risks: 160–161
government: 139–143, 154–161, 162–163 insurance: 133, 138, 139, 150–161
moral hazard: 135, 139–140, 154–155 risk assessment: 133, 134, 151, 170 risk-reduction: 133–134, 139–162 risk transfer: 133, 138–139, 151–153
risk versus fairness: 155–157, 158, 159, 161 safety movements: 144–150
“social insurance”: 167–170, 197 trade-offs: 81–84, 149, 161–167 wealth: 164–165
Robinson, Jackie, 219 Roosevelt, Franklin D., 10, 11 Roosevelt, Theodore, 105
Russia, 40, 180, 181, 185, 193, 209, 230, 238, 254, 257 “Rust Belt,” 17
Safety, 79, 82, 144–150, 151
Safety Movements, 144–150 Samarkand, 249 Samuelson, Paul, 169
San Francisco, 5, 97, 99, 101–102, 110, 111–112, 113, 115, 118, 119, 120, 121–122, 154, 248
San Jose, 96, 98, 106, 121, 122
San Mateo County, California, 97, 100, 101, 102, 107, 110, 112, 116, 119, 121
Schultz, Dutch, 35
Scots and Scotland, 181, 182, 188–189, 193, 256
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Second World War, 31, 33, 37, 65, 113, 131, 154, 163, 169, 182, 183, 190, 216, 220, 257, 262, 271
Singapore, 249, 260, 270
Slavery, 20, 21, 36, 37–38, 41–43, 46–52, 126, 173 efficiency: 42–43
ending: 46 occupations: 41–42 origins: 20
race: 41
treatment of slaves: 41–42 Smith, Adam, 18
Smithies, Arthur, iii, 6 “Social Insurance,” 167–170
Social Security, 168, 169, 170, 197
South Africa, 87, 172, 214, 218, 221, 222, 247, 268 South Korea, 266, 267
Spain and the Spaniards, 176, 181, 209, 243, 256, 269, 270, 271 Sri Lanka, 113, 228
Stage-One Thinking, iii, viii, 4, 6–7, 70, 72–73, 101, 137, 164, 203 Stalin, Josef, 43, 53, 262
Stanford University, 81, 96, 235 Stein, Herbert, 6, 8, 9
Stock Market, 11 Subways, 162, 163–164
Swiss Re-insurance Company, 152–153, 154 Switzerland, 152, 193, 268, 271
Taxes, 14–16
Taxi Drivers, 209
Telephone Industry, 218–219, 220, 268
Third Parties, 26, 53, 65, 66–67, 87, 89, 91, 102, 123–124, 145, 149, 160,
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Third World, 16, 64, 75, 92, 142, 164, 192, 197, 242, 244–245, 246, 262–263, 266, 267, 271
Time, 154, 219, 232, 239 delay: 100, 108, 153–154
posterity: 102–103, 105–106 promptness: 154
Transportation, 189, 245, 248–249, 250
Unsafe at Any Speed, 146–148
Vaccines, 149–150
Vioxx, 84
Volga River, 253
Wall Street Journal, 36, 72, 84, 96, 119, 122, 123, 138, 150, 156, 196 War, 240–241, 260
First World War: 23, 154, 182, 261, 262, 264
Second World War: 31, 33, 37, 65, 113, 131, 154, 163, 169, 182, 183, 190, 216, 220, 257, 262, 271
Washington, 110, 118, 215 Washington Post, 11, 103, 184, 201
Wealth, 27–28, 47, 50, 95, 108, 114, 164–165, 168–169, 170, 173, 174, 240, 242, 244, 245–246, 256, 266, 268, 270–271, 272
Williams, Paul, 23–24, 26
Williams, Walter E., 221 Woolworth, Frank Winfield, 24–26
Yangtze River, 152, 215
Yemen, 197, 271
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Zaire River, 251
Zimbabwe, 7