CDR: Re: Re: Re: why should it be trusted?

[Tim May]

At 9:20 PM -0500 10/18/00, Neil Johnson wrote:
>--- Original Message -----
>From: "Tim May" <tcmay at got.net>
>
>  > This is the way markets in general have always worked. Economists
>>  talk about "preference revealing" and "selective disclosure of
>>  information."
>>
>
>But the Bob has no control of his risk (genetics), or at least not yet :).
>The insurance company does.

The insurance company does NOT have any control over Bob's risks! 
Whatever gave you that idea?

All the insurance company can do is to estimate the risks and costs 
of treatment as best they can and then make Bob an offer on how much 
they will charge to promise to treat him if and when he gets sick or 
is injured.

I am unable to find any gentler way to say this: a lot of you (Neil, 
Yardena, Nathan, Robert, etc.) are woefully ignorant of economics, 
markets, and the nature of a free society.

In this insurance debate, several of you seem to think that Bob has 
some "right" to insurance...at the price _he_ or some committee 
thinks is "fair."

Please read up on some basic economics--preferably not Marxist economics.


--Tim May

-- 
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Timothy C. May              | Crypto Anarchy: encryption, digital money,
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