“High elasticity means that unit output goes up more than prices went down, so you get a growth business.”

— Andy Kessler

Part II, Revolution, Meeting Mr. Zed, p. 42.
Running Money (2004) First Edition

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Andy Kessler 24

American writer 1958

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“The American people have been offered two lousy choices. One, which is corporatism, a fascist type of approach, or, socialism. We deliver a lot of services in this country through the free market, and when you do it through the free market prices go down. But in medicine, prices go up. Technology doesn't help the cost, it goes up instead of down. But if you look at almost all of our industries that are much freer, technology lowers the prices. Just think of how the price of cell phones goes down. Poor people have cell phones, and televisions, and computers. Prices all go down. But in medicine, they go up, and there's a reason for that, that's because the government is involved with it… I do [think that prices will go down without government involvement], but probably a lot more than what you're thinking about, because you have to have competition in the delivery of care. For instance, if you have a sore throat and you have to come see me, you have to wait in the waiting room, and then get checked, and then get a prescription, and it ends up costing you $100. If you had true competition, you should be able to go to a nurse, who could for 1/10 the cost very rapidly do it, and let her give you a prescription for penicillin. See, the doctors and the medical profession have monopolized the system through licensing. And that's not an accident, because they like the idea that you have to go see the physician and pay this huge price. And patients can sort this out, they're not going to go to a nurse if they need brain surgery…”

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“High elasticity means that unit output goes up more than prices went down, so you get a growth business.”

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Andy Kessler 24

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