Decades of experience (if our bureaucrats would care to study it and believe what they find) in the former Soviet sphere of "central planning" should tell our U.S. regulators that it is impossible for a few (thousand ?) bureaucrats in Washington to accurately predict and manage in place of the MILLIONS of daily decisions by Americans in our economy. This cancer drug experience is but a micro-picture of what is coming down the road with Obamacare. [clipper]
"Things like this are the root of my skepticism about technocratic rule-making. I have no doubt that the earnest people who drafted this rule spent a lot of time thinking about whether the allowed price increase should be 5% or 7%. But they somehow overlooked a rather significant feature of the market they were regulating, and the effect that their rule would have when it interacted with market reality. The more complex your system of rules is, the harder it is to keep track of these potential unwanted side effects."
[Atlantic Monthly]
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