The Best Paragraph She's Read All Year

That is how Megan McArdle describes this bit from Tyler Cowen. Two of my favorite very smart people.

The paragraph in question is extremely elucidating. I am not entirely sure I understand exactly the reasoning behind the first points about lowering costs - I'd like to see the evidence for these. But the final sentence is brilliantly succinct.

[A single-payer health care system] would be raising taxes and lowering medical innovation to give poor people a good deal more financial security and a slight bit more health; that is the relevant trade-off.

As in most things, reasonable people can disagree on which is the preferable alternative, but all should concede that this fundamental tradeoff exists.

The rest of Tyler's paragraphs are well worth reading as well.