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January 11, 2006
Anatomy of a "Crisis"
Step 1: Pass a law banning people from engaging in trade. For example, let's ban the sale of human organs and tissues for transplantation. Step 2: People attempt to engage in trade anyway. For example, people might steal bones for transplantation because the quantity demanded exceeds the quantity supplied from donors at a zero price. Step 3: Pundits step forward to decry this unethical and illegal behavior, and call for additional regulations to close the "loopholes". "Bodies and tissues are now becoming commodities, not for the common good but for the money that is generated," said Ronn Wade, director of Maryland's Anatomy Board . . . Federal law allows the donation but prohibits the sale of human organs and tissues for transplantation. There is no prohibition on buying and selling body parts for medical and scientific research, and no federal regulation of brokers of body parts for research. [Emphasis added.] . . . Arthur Caplan, director of the University of Pennsylvania's Center for Bioethics, said there is a lack of oversight regarding who is collecting human tissues and body parts for scientific or medical research. . .
Posted by Robert Lawson at 09:16 AM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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