OBSERVATION OF THE DAY. Economists get it. Everybody else can benefit from a refresher.

It's not only markets that ration. All scarce goods are rationed somehow. And every rationing system creates a distribution of those goods. What I think the Democrats do is look at the distribution ex post and decides it doesn't like it, so it wants to change it. It's the common schism in politics between equality of opportunity and equality of outcome, or ex ante vs ex post equity. But the decision to change rationing systems doesn't just influence distribution. It can also change the production of health care.

Perhaps the inefficiencies of monopsony deserve more time in the course outline ...