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David Snyder
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2.5% is too low. You forget the zero lower bound. There is a real risk to having the inflation rate too close to this. 3.5%-4% would be safer: avoid Scylla still, but stay away from Charybdis, which historical Fed policy does not do.
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The cost of pharmaceuticals is part of the burden of excessive healthcare costs in the USA, which is the real driver of the national debt. Most countries let the US invent and then impose price controls, which is one option to restrain this cost. As pointed out above, the main cost to the companies is getting FDA approval, and then marketing afterward (too often for applications for which the pharmaceutical was not designed), and very generous executive salaries. I still hope for a better incentive system than the patent system, but it would be a good beginning to quarantine pharmaceutical/biotech patent law from the rest.
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Oct 4, 2012