The NYT has yet another story detailing the problems of patent monopolies in the health care industry. This time the problem is a diagnostic device of questionable accuracy.
Economists know that the monopoly profits created by patents give drug and medical equipment companies enormous incentives to lie about the merits of their products. But, economists almost never talk about this implication of their theory. As long as an auto worker is getting more than $20 an hour or a textile worker is getting more than $10 an hour, economists won't have time to waste worrying about drug and medical supply companies ripping the country off for billions at the same time that they jeopordize public health.
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