Small Is Still Beautiful

Least persuasive of all is his idea that the health care, education, and energy sectors are ?large-scale integrated systems? and that the need to transform those sectors should lead us to relax our vigilance about competition. If anything, these are sectors of the economy where we should be exceptionally worried that lack of competition is creating dysfunctional results. Higher-education incumbents use accreditation rules to stymie potentially disruptive competition, and health care markets remain fundamentally localized, with lack of hospital competition driving higher prices. All three of these markets produce outcomes that are socially undesirable?excess pollution in energy, spiraling price growth in health and education?but each is working out quite well for the incumbent institutions, for profit or not, that dominate them. The kind of incremental innovations that established firms do such as adding new facilities to colleges or developing new and even more expensive surgical procedures are nice to have, but big structural transformations aren?t going to come from the players that benefit from the status quo.

Source: http://feeds.slate.com/click.phdo?i=99b49d1c7a4642205f7435fc8db561ba

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