Matthew Holt scores an interesting find. Turns out that HMO competition makes them less, not more, efficient. Apparently, if you gather a few HMO’s in a town, they’ll mainly compete over who can insure the most people who need insurance the least. In other words, it becomes a race to the healthy. Fascinating stuff.

Ezra Klein is a former Prospect writer and current editor-in-chief at Vox. His work has appeared in the LA Times, The Guardian, The Washington Monthly, The New Republic, Slate, and The Columbia Journalism Review. He’s been a commentator on MSNBC, CNN, NPR, and more.