For as long as there have been people, people have been fighting over resources. Land, water, gold, oil; whatever. But in spite of all this fighting, as time goes on you see it proven over and over again that the only resource that matters is human ingenuity.
If you’re sitting on top of a big pile of natural resources like oil, you’re considered wealthy. But so what? Even if you can get it out of the ground, what are you going to do with all that oil, eat it? You’ve got to have the know-how to do something worthwhile with it, and it’s that know-how that translates into wealth.
Jeff Carter thinks pretty much the same thing, and he has some insightful comments about it as it relates to the ongoing dumpster fire that is Obamacare:
I am old enough to remember that in the 1970′s there was a huge scare about exploding world population. Paul Erlich created the scare and postulated we would not be able to feed the world. University of Illinois economist Julian Simon took him on, and made a very public bet. Simon even let Erlich set up the terms of the bet.
In the ensuing years we have modified manufacturing processes, research, development, and agricultural methods and practices to become more productive than before.
This is why when theories like global warming are postulated I am not scared. Man will innovate, if we let him. Ironically, it turns out the data on global warming is bunk too.
We are finding out that Obamacare is fake innovation too. It’s full of false and faulty assumptions that screw up free markets. Even the exchanges are not set up to be free transparent markets. They aren’t exchanges in the same sense as a traditional exchange. It’s all smoke and mirrors.
If we want to truly change the medical industry in the world, relying on a government program to mandate and dictate price structure is not the way. The way forward is to create incentives for entrepreneurs and forward thinkers to innovate. Medicine will get better, and more people in the world will be served high quality medical care at a lower price.