What is the cost of the long approval process for potentially life-saving drugs by the FDA? The approval process can take up to 12 years and cost $1 billion. But there are other costs. Patients arent able to take drugs that arent approved and they might die or become more ill. Another cost is that a potential drug maker might not want to take the financial risk of taking a drug to market. Powell recommends testing drugs but possibly making drugs "FDA recommended", rather than "FDA approved." Whats needed is competition and markets to help patients and entrepreneurs, says Powell.
Are immigrants taking our jobs and living off the taxes we pay? Are they criminals? Television personality John Stossel (Host of Stossel on Fox Business Network) interviewed Benjamin Powell, Senior Fellow at the Independent Institute, Director of the Free Market Institute at Texas Tech University, and Editor of the book, The Economics of Immigration.
Benjamin Powell speaks with Judge Napolitano of Fox Business Network's Freedom Watch about the IRS and the difference between full- and part-time employment. He also comments on the validity of police officers being allowed to use facial profiling.
Many people have wondered how technological progress will affect political, economic, and civil freedoms. With the rise of encryption software, the National Security Agency's Echelon worldwide surveillance system, and the FBI's Carnivore e-mail snooping program, this subject is no longer the exclusive domain of speculative thinkers or futurists, it is the subject of intense public-policy debate. Will privacy-enhancing technology improve faster than privacy-threatening technology? Should the government mandate privacy standards? Should it enforce contracts in cyberspace, or would private law do a better job? Economist, physicist, and legal scholar David Friedman discussed these and related questions about technological change and the case for and against government involvement.