UNFASHIONABLE VIEWS ON DRUG PRICES AND THE PUBLIC GOOD

UNFASHIONABLE VIEWS ON DRUG PRICES AND THE PUBLIC GOOD. My first postings have taken strong stands against corruption and political assassination. Now I reveal some unfashionable views. I am for personal reasons very much in favor of the traditional patent system to encourage new drugs, and therefore I am in favor of high and monopolistic prices for new drugs. I also believe that somebody who chooses employment to make the most money is in fact doing what other people in society want done as expressed in market prices and is therefore serving the public interest. Thomas Sowell and other economists have pointed this out. I make these confessions now in response to this article in the NEW YORK TIMES. The leading figure in the story apologizes, and the article implicitly criticizes him for, his choice of his current job, in which he is evidently making a lot of money. His job is to evaluate drugs that startup companies are developing. I cannot think of a more important job in our society, and I am glad that such people are highly compensated. And I am a little frightened that there are those who take it for granted that it is a bad thing that very talented people are being drawn to these jobs.