Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts

Sunday, September 15, 2013

Campesino Medicine



Of my patients


I am a physician.  Most of my patients are Mexican.

Of course, we stop and scrutinize everything that mentions another culture or country, and parse the phrases for their political correctness, so let’s, for a second.  It is politically alright to call my patients Mexicans, I’d say, for they are from Mexico.  Most are not in any sense not Mexican-Americans; excepting a brief continuation of their stay in the United States, they are here illegally, awaiting deportation to Mexico.  The few I see who have lived since childhood in the US are a whole different sort.  I treat them in English; they are completely from a different universe.  My patients are from Sonora, and Durango; from Baja California Norte, and Oaxaca.  Mostly, their “business enterprises” have brought them here; I do not discuss their “business” background.

They come from a broad range of cultures, abilities, education and origins.  Here, in the US bubble, we sketch our pictures of Mexicans with the broadest strokes.  Our image of Mexicans is really a cartoon; our amigo bueno, Gustavo Arellano will tell you that in “Ask a Mexican®” in the Orange County Register, and in the local Alibi.   For those bothered by the logo on his column (right), one can click on it and take it up with Mr. Arellano and Mark Dancey.

I shall not dwell overmuch on political correctness in terms.  Political correctness is often called upon to fill up time in the absence of real thought, and to generate purposeless dispute and bickering, in the empty echo-chamber of modern thought.

We think of the campesino – the fieldworker – most of the time when we speak of Mexicans.  We do not think of the Museo Soumaya, a museum which contains a preponderance of the works of Rodin and other Impressionist artists in a boldly modernistic structure in Mexico City.  The picture is an actual photograph of the museum, although it appears so crisp and stylized as to seem like an artist’s sketch.

This amazing building was constructed by Mr. Carlos Slim, a Lebanese-Mexican businessman, in memory of his wife, Soumaya, who collected many of the artworks in her personal holdings that now reside in the museum.  She was a Mexican, like her husband.  Those artworks, like the museum, were paid for by the family out of their personal wealth.

Lest anyone cringe at the term “Mexican Businessman,” and consider the PRI and institutionalized corruption, this family’s wealth largely derived from introducing the digital age to Mexico and beyond.  One could call him the “Bill Gates of Mexico.”  However, his wealth exceeds that of Mr. Gates, so really Microsoft was founded by the “Carlos Slim of America.”

Of Campesinos that I have met


What we see here in America is largely the campesinos – the rural fieldworkers, who are simply the Okies of the Dust Bowl from a different place, from a different time.

America struggles to understand and handle the presence of illegal Mexicans.  I do not understand why, as they are the model residence in the eyes of government.  They work in an economic paradise, from the government’s perspective.  They often pay Social Security taxes through withholding, using bogus numbers; but they do not collect Social Security earnings, nor Medicare nor Medicaid.  They pay millions, but are not entitled to any benefits – any government’s ideal citizen.

In America, the campesinos do not annoy the government with entitled demands and expectations; they usually hide from any contact with authorities.  They flee.  They cannot argue for their Fourth Amendment rights, or other Bill-of-Rights stuff; that is not their America.

Unlike the farm and orchard, the Mexicans I see come from a broader swath of background and culture than the pickers and stoopers of the Central Valley in California. 

My interest is not in what makes pickers pick – our civilization has spent many millennia gathering food from the earth, and it is not a valuable enterprise, regarding wealth and prosperity.  It will keep you alive; the gleanings of windfall can be eaten from the orchards, the bruised apples and wormy pears.

In actuality, the term “Mexican” can mean picker, or entrepreneur, when applied to the whole spectrum of the country’s people.  Here in the US, we simply mean campesinos, and for some reason fear and despise them.  What Mexicans do to us does not concern me as much as what we are doing to ourselves.

Campesino Medicine


Somehow, the recruiters have gotten my email address.  I am offered a position in Virginia.  “Are you available in December to pick up hospitalist work?  We have a new facility in Virginia looking to fill their schedule and need your help!” And in California: “CA Puzzle Piece Solutions 1Hr to Bay Area, California - $300,000+ Real Potential - 100% Outpatient - No Call.”  Or Las Vegas (NV) “See a show or try your luck in Las Vegas for 6 months!~ ANY State License Gets You Here” And East Coast: “we have an opportunity just minutes form Philly and the Jersey Shore in our rehab facility.”

This is depressing.  How does a former profession go from providing care, to eMigrant labor in the 21st century?  Of all the business models for healthcare in the future, why the campesino model?

I have no particular contempt for the campesinos from Mexico.  One side of my family came to the factory town of Lawrence, Massachusetts to work in the mills doing handwork; the other side fled north Texas to high water and survival in Magdalena, New Mexico.  I think no less of pieceworkers, or pickers and stoopers; I only ask why that means of producing things is still used beyond Neolithic agriculture.

Of ideas old and discarded.


Somehow, we have harvested the chaff in management planning, at least in medicine.  All of the terrible ideas in management that were energetically discarded years ago have gone underground, and survive still in the HR departments and general occupational consciousness in America.

Early in the Journal of the Harvard Business School, Whiting Williams criticized and scrutinized some of these terrible old ideas and suggested a reformation of them.


To-day the majority of us find ourselves in such contact with the general public that we are likely to accept as final for us-the measurement of the particular tape-line which that public, rather than any smaller and probably more discerning group, currently, employs.   Here in the United States, that is apt to mean the pursuit of one thing - wealth.  For, at the present time at least, the dollar furnishes ·the yardstick by which the great body our fellow citizens habitually endeavors to determine the exact degree of each member’s accomplishment.


Too long we have thought of work as a curse. The truth is that every one of us plays a part in making it whatever it is; it becomes a curse only when we withhold from the performer of any useful service our proportionate economic and social recognition. Because we have so long failed to see men's wish for worth through work, we have failed too often to keep our promises of reward. Indeed, we have too generally based our whole program of the management of our industrial personnel less upon the hope of reward than upon the fear of punishment. That fear is the fear of discharge the fear of joblessness and all of those attendant stigmas and miseries which not management but society has erected.[1]


No campesino would speak well of any of the current management ideas.  They would agree with Williams – for what other purpose would drive a family to uproot themselves in the old country and flee to a new land without any guarantee of success, other than the hopes that Williams writes about.

They may be proud of being campesinos – of working hard with dignity.  They are not proud to be campesinos.  Their children are intended to be Americans.  Every culture that has come to America has hoped to make their children Americans, not second-class Americans.  Although they may derive honor for feeding their children, they would be embarrassed if their children only follow in their footsteps.

The awful idea remaining is that if a certain enterprise is considered too expensive, one should fracture it into constituent elements, rote behavior and piecework; and measure the productivity of the “pieces” scientifically, in order to maximize profit and throughput.  Then one can offer “best practices” that maximize the productivity of the workers’ hands.

Nowadays, Williams sounds uncomfortably Euro-socialist, and Frederick Taylor more familiar, at least in the concepts currently used for management in medicine, in his assertion:

As has been pointed out, however, the underlying principles of the management of "initiative and incentive," that is, the underlying philosophy of this management, necessarily leaves the solution of all of these problems in the hands of each individual workman, while the philosophy of scientific management places their solution in the hands of the management… Under scientific management, on the other hand, it becomes the duty and also the pleasure of those who are engaged in the management not only to develop laws to replace rule of thumb, but also to teach impartially all of the workmen who are under them the quickest ways of working.

All that is needed is to include the assumption, in medicine, that management is the thing learned in a business school with an MBA, and that MBA’s should direct the business of medicine, and there you have it – the history of medicine over the last few decades.  Taylor long ago invented “management” as a class of people, as well as a duty; he implicitly accepts the division of the “management” class from the “proletariat,” as Marx sketched out decades before.  The inherent assumption is that those who ‘do’ cannot possibly see the forest for the trees, and it takes a special, remote class to govern the strategic interests of the enterprise.

We have decided that we no longer have the money to pay for medicine, and our response is to revert to Taylorism.  To make it work in America, we must denigrate the status of the ‘do-ers’ to pieceworkers, and the ‘leaders’ as the management class – a concept credible only to Marxists and scientific managers.

In order to dissolve the old model of healthcare, we have needed to disparage the professions, which we have done so admirably with nursing.  Now, it is the doctor’s profession that is being reconstructed as the shifting, migrant pieceworker, here in the Central California valley for a few months, then up to Oregon for a few more – the locum tenens and the campesino as all but the same principle.  As picking strawberries is easily measured and paid, why not the provision of medical care?  From a management perspective, they are all the same.

Where are we going?


 So, we continue to stagnate with management ideas that are a hundred years old and obsolete.  Meanwhile, Latin America is becoming digital.  The Mexican GDP exceeds that of Canada; it rivals and may soon exceed that of the UK and France.  Mexico did not really have a firm foundation for stability until 1929, when it became a stable autarchy of the PRI; it has only recently had a credible multi-party government in this millennium.  Within a much shorter time period of stability, Mexico is rapidly flourishing.

Like the Ottoman Empire and Roman Egypt, America might become the Amusing Old Man of the New World over the next few decades.

Do-ers and leaders.


Somehow, after starting with a powerful contempt towards nobility and class, we have settled into a culture riven with class and status; while Latin America struggles to jettison its old racism and discrimination.  They, like the Americans of old, are becoming more interested in those that can do, make and build, over the old aristocratic days of color and family. Perhaps the legacy of Jefferson and the founders has spread; it has not taken permanent root at home.  We persist in our Puritan certainty of this land as Divinely Chosen even after nothing recognizable persists from those days.






[1] A Theory of Industrial Conduct and Leadership, Whiting Williams, Harvard Business Review April 1923
Ref:  See also Chomsky interview on Taylorism, Here.

Friday, August 21, 2009

Doug French on the Bubble

It's hard to be blindingly cynical every day.  Read Doug French on the Bubble Economy in Mises (see also You Can't Print Prosperity for yux) - he'll carry the water today.

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PS: How long do we have? Bill Sardi says until Tuesday. That's the big melt-down for him. I'm still going for October 17th.





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Friday, August 14, 2009

Ovine Thunder

The loathsome Teabaggers are at it again, pretending that clamans turbae is somehow an element of American government. Remember, the Crowd and its mind and manipulation was one of the stunning tools of Lenin and Hitler, indeed.

Simpering about in petulant premise that yowling pre-purchased slogans constitutes protest, they wander into Town Meetings and such, acting the faithful stooge the same as many Baby Boomers did, when they "protested" in a manner prescribed and underwritten by that leech upon the Left, the Soviets. Bought and paid for then, the signs pre-made for them, the phrases pre-packaged and sold, they pretended that they were acting independently - but as an interchangeable mob.

It is a horrible thing to see, when Americans consider being a stooge to be the summit of their capacity as citizens.

And nearly all the man, every one of them, would trade their protest over "healthcare" to become a functionary on a "neighborhood life panel," which will speak forth The People's Vote on the end-of-life decisions of its citizenry, ne'er mind the doctors or hospitals or family, We! Love! Life! and will spin out the mortal skein past Atropos' grim hand, for the wreck of brain-dead citizens, derelict of soul. It will be The People's Vote! Yes! That way, we keep Government Out Of Healthcare!

As essays before have shown, the Average American has become a herd animal - defined as he who gets nervous if not in full view of the ass-hole of the neighboring herdmate. Packed in to the center, that's the key, that's the safety; out on the edges, that's where the wolves can see you. Hardly the mind of patriots.

It is not necessary to speculate upon a puppetmaster; perhaps it is in the Mind of the Herd itself, the Group Consciousness.

"Controlling Grandma's Life!" HAW! The Great Depression II has only begun, and if Grand-Ma starves to death on a Plains hovel - as happened to thousands during the Dust Bowl - is that a better death? They chase moonbeams, and will not see what is plainly before them.

Such crowds offer the pretense of independence and spontaneity - but rather, they are most closely akin to the "All-Textile Workers' Spontaneous Demonstration of Support for Peasant Soviet Power!" Bullshit, that is.

Not even the bravery of the Light Brigade; more like a stampede of sheep herded by a clever dog.

You had me at "DUH!" When Americans chose stupidity over independent thought, that was the Cardinal Sin of a citizen. It should be our Official American Slogan. DUH.






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Wednesday, August 12, 2009

Bill Bonner and his ugly truths.

Bill Bonner writes such awful stuff. The only thing it has going for it, is that it's almost certainly true. Other than that, it's got no value.

Household debt as a percentage of disposable income hit a low of about 2% just at the end of WWII. It’s been going up ever since. By 2005 it nudged against 15% – seven times higher than it had been 60 years earlier. Household debt represents spending that has been taken from the future. But you can’t take an infinite amount from future earnings. You reach a point when the future can’t handle it. As more and more future earnings are absorbed by past consumption, pretty soon there’s not enough left to live on. At some point, so much of earnings are devoted to paying the interest and principle on past borrowings that the poor householder cannot to pay his expenses. And imagine what happens if his disposable income goes down.

I'm turning him in to the Happy Thought Brigade.

Tuesday, August 11, 2009

How American Healthcare will die.

The simple assumption underlying America's approach to healthcare is that the market price is wrong. In any market where one adjusts prices for these sorts of reasons, there is either a glut or a deficiency. Here, if the assumption that the market price is too high, one will produce deficiencies.

The underlying assumption, which is not entirely wrong, is that there is a price-fixing cabal which is driving the prices up "faster than inflation." This is an assumption which discards other reasons for price increases - that efficiency is lowered opposite the general trend over time where innovation decreases costs; or that inflation drives prices up artificially. The cabal might well be the government-industry tangle which has been forced upon the healthcare market. This is getting treated with Steroids now, being bulked up.

One element which I believe to be central is that "inflation" and the "healthcare CPI" are one and the same. There are other things in the artificial "CPI index" which cause it to be reported as abnormally LOW. Several economists, such as John Williams on Shadowstats, believe that inflation is actually MUCH higher than reported. Until 2009, the decade's inflation rate has been about 6% - which brings us to about 60% in constant dollars to what we had in 2000.

And efficiency IS lowered - not because healthcare is a free-market commodity, but precisely the opposite. Few people realize that much of physicians' reimbursements are set by Medicare already. The private insurers then negotiate reimbursement as a Percentage of Medicare. Doctors salaries are adjusted politically by measure of the mean state income and "costs" in the various states.

We pretend that lowering price and raising demand will force the innovators to improve quality. The system is seen as burdened by overhead and profit-taking. Overhead cannot be signficantly improved until such things as internal auditing, measuring and "efficiency charting" are reduced. That will not happen.

It takes a certain bit of punitive and harsh attitude to ram changes through at the expense of a certain sector. There is certainly that sort of ire against American healthcare now, and it has been simmering for a long time.

Unfortunately, "punishing healthcare to make it better" is likely to fail.


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Saturday, August 8, 2009

Wicked, wicked reality & the Guru.

And wicked, wicked Mogambo Guru for harshing my buzz horribly, with his column, Nixon and Exchanging Dollars for Gold.  He's gone and crapped up my average-American moonbuzz that "I'm doing just fine," when actually, the government is pouring the same stuff into the economy as it pours into trade-in clunkers to make them never run again.
He quotes the equally-wicked Bill Downey, who offered the following comparison, of "How Much things cost on Aug 15th, 1971" to what they cost today:
  • Dow Jones Industrial Average 890 or 25 oz. gold in 1971, versus 9,000 or 10 oz. gold today.  40%
  • Average Cost of new house $25,250 or 721 oz. gold in 1971, versus 250,000 or 277 oz. gold today. 40%
  • Average Income per year $10,600 or 302 oz. gold in 1971, versus $70,000 or 77 oz. gold today. 25%
  • Average Monthly Rent $150 or 4.3 oz. of gold in 1971, versus $824 or 1 oz. of gold today. 23%
  • Datsun 1200 Sports Coupe $1,866 or 53 oz. gold in 1971, versus $28,400 or 31 oz. gold today. 60%

There's a bunch of reasons why these things can change. Stuff such as houses can be made relatively cheaper per-unit, either by technological improvements in construction (allowing them to be performed by drunk illegals rather than union carpenters,) and also decreasing the quality of the stuff used. Ditto rental units.

The reason that Detroit took the Final Suck, IMHO, is that wages decreased faster than the cost-per-auto. The 'bama's would agree with this, but shooting one's self in the foot is not the solution.

The major reason that the Washington Whorehouse hasn't gone off the rails before - say, during Cap Weinberger's FuckAmerica policy when we deceided that Military Keynesianism was the way to go - was the silent boom in certain areas, including computers and information technology.  Were Washington not leeching away the value as fast as technology could improve it, we'd be sitting on a pretty high place, indeed.  The Dow might actually be 9,000 but with real money!

Back around 1980, Americans realized that the jig was up on pooled capital investment, and bailed out of bank savings accounts.  They were persuaded that Equity Rocks!  which it does, when you want to put money at higher risk.  Even with thirty years of Government policy of driving capital out of the long-term investment market - like dull old corporate bonds - IT managed to accrue enough capital - by playing with IPO's and such things - to blast into the stratosphere.  (If you don't believe me, whip out your old Atari from 1990 and play with your grand-son.)

But we got deluded into thinking that the IPO shenanigans CREATED wealth, not just shuffled it into productivity.  The "dot-com-bust" showed that capital could be mal-invested even when the streets were paved with gold.  Note that the "dot-com-bust" didn't stop computer technology, did it?

The ONLY thing that vaguely resembled the accumulation of wealth through innovation in manufacture - the computer industry - hasn't shown up its true effect, which was a forty-year boom equivalent to the post-Civil War Industrial Revolution.  That's because we've pissed away the productivity into Governmental crap, including military bases on any place that shows up on a satellite map.  We burn off 50% of today's crude oil imports in the Department of Defense.  What's that do to the price?

Anyhow.  When the IT boom matures, we're in for the rolloff-bust of a lifetime.  It may nbe a short lifetime.  This explains why many societies become comfortable - and then abruptly collapse.  They come across some innovations which are cash-cows for financing an increasingly nonproductive society.  When the cash cow suddenly expires (or matures), there isn't any money tree any more.  Kabam.

You don't believe me?  Here's DEPRESSING.  The world lost the recipe for making Concrete, for God's sake, between the end of the Roman Empire, and about 1600.  Feeble, eh?
PS:  The Guru's such a mean grump, I've decided to send him a picture that will turn him into a foolish optimist.  Just wait....ah, here it is.


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Thursday, August 6, 2009

More Fountains of Gibberish from the Journal

Lord, Lord, that human blowsack Karl Rove weighs in at the Wall Street Journal
Americans are now seeing the damage that polls and focus groups can inflict on White House decision-making. President Barack Obama is no longer shaping the public dialogue on health-care reform. Instead, he is losing control of his agenda and resorting to rhetorical tricks and evasions.
What in hell's that supposed to mean? Obama is turning healthcare reform into nonsense by listening to Americans, and Americans should do something about it? In the first paragraph, his own argument bit itself in the ass, and died.
Tax-and-spend liberalism doesn’t work, no matter how pretty its package.
When it's wrapped up like the Bush Administration, even the dog won't play with it, either.


The WSJ also offers the following gloomy graph, shown at the right. It describes the future gap from 2014 until 2029, as though it were are real as "borrowing from our children and grandchildren!"
Don't worry, folks. We'll be mighty well into the Euthanasia Bandwagon by the time 2020 comes around, if that's the picture of "healthcare" after the next few years.
We seem to have a bit of the "second train" paradox. You're tied to the railroad tracks, it's 9:55, and a train comes every hour, on the hour. You absolutely don't need to be concerned about the 11:00 train, nor the noontime express; by then, there is nothing worse that can happen to you.
Assumpsit global warming. By then, what are the chances that our economy, now in ballistic free-fall, will even be able to sustain carbon emissions? Don't worry about it.

Arthur Laffer writes some interesting commentary:
The health-care wedge is an economic term that reflects the difference between what health-care costs the specific provider and what the patient actually pays. When health care is subsidized, no one should be surprised that people demand more of it and that the costs to produce it increase. Mr. Obama’s health-care plan does nothing to address the gap between the price paid and the price received. Instead, it’s like a negative tax: Costs rise and people demand more than they need....
Thus, health-care reform should be based on policies that diminish the health-care wedge rather than increase it. Mr. Obama’s reform principles—a public health-insurance option, mandated minimum coverage, mandated coverage of pre-existing conditions, and required purchase of health insurance—only increase the size of the wedge and thus health-care costs.

What he has to say is regrettably true. Healthcare will follow the path that college loans have taken over the last twenty years - driving college "costs" through the roof.

Rupert's Rag seems to dwell on everything BUT the coming crisis. Most folks - except Laffer - are worrying about the Second Train.

By this fall, nobody will care - the first train's a comin'

Sunday, August 2, 2009

Zehn Wöchen davor.

The works of the roots of the vines, of the trees, must be destroyed to keep up the price, and this is the saddest, bitterest thing of all. Carloads of oranges dumped on the ground. The people came for miles to take the fruit, but this could not be. How would they buy oranges at twenty cents a dozen if they could drive out and pick them up? And men with hoses squirt kerosene on the oranges, and they are angry at the crime, angry at the people who have come to take the fruit. A million people hungry, needing the fruit-and kerosene sprayed over the golden mountains. There is a crime here that goes beyond denunciation.
John Steinbeck


And they stand still and watch the potatoes float by, listen to the screaming pigs being killed in a ditch and covered with quicklime, watch the mountains of oranges slop down to a putrefying ooze; and in the eyes of the people there is the failure; and in the eyes of the hungry there is a growing wrath. In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage.



By God, say I, we have forgotten it, all of it, and that which Santayana always prophesied came true. I feel like a fox gone to lair with the danger, ten weeks now until the great depression, die Zauberflaute comes off the horizon like a wrathful God. We cannot run, and neither can we hide. It is terrible, what is to come. I think I have put the basics together, apart from being a survivalist. But it comes.

I feel oddly like die Fastenzeit kommt, times two - forty days in the desert, and then forty more. The second of what may be as many as fourteen economic earthquakes is on the way; we have only seen the first. WE will be serious, only for a little while, on the next crash. In 78 days, 2,106 hours, 126,360 minutes, then we will be a different people.



One lesson learned is that oranges must not be destroyed, nor pigs slaughtered, in front of the hungry. We now, much more clever in such things, hide it nicely in such things as the "Cash for Clunkers" CAR Allowance Rebate System (CARS)

  • Your vehicle must be less than 25 years old on the trade-in date
  • Only purchase or lease of new vehicles qualify
  • Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
  • The program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.


That last part, that's where the pigs are slaughtered. The purpose is to raise the price of vehicles, along with sales, by creating an artificial shortage of used cars.
My friend's car, which burns a quart of oil every 100 miles because the rings are shot, does NOT qualify.
A one-year-old HUMVEE which someone can't make the payments on, DOES.

The goal is to kill all the rolling stock of used vehicles - but quietly slaughtered, must less messily than horses. I pay to relieve the lessee of a car which he cannot afford, the cost of unsaleable pigs, which in modern terms is a Hummer or F-350. I watch the slaughter, which I have paid for.

Zehn Wöchenen davor. My people came here out of the Dust Bowl, suffering. They stayed, and did what they thought they could do, to prevent another great depression, but it came back. It is coming.

They knock at this door. This time?




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Wednesday, July 29, 2009

On the Law of Scarcity

Being unfamiliar with the formal principle called the "law of scarcity," I have paused for an inadvertent education on the matter. My initial supposition was that with a fixed limit of product, demand which is at least equal to that product will "order the queue" of demand by means of price. One does not need to posit "unlimited" demand; rather, demand in excess of supply will suffice.

But I also learn that the price can be manipulated by threatening one's rights or property; or the alternative, offering an unearned windfall. People will not demand something as much as when they are persuaded that it is "theirs." Also, people who are persuaded that they have stumbled upon a treasure, will pursue it more ardently than if it were just offered in the marketplace without persuasion.

The "Marketing Minute" blog by a Chip Cummings offers:
Can you create a sense of urgency in your marketplace? Limited access to a conference call; only $1.2 million in this particular loan program available; offers only accepted for 7 days; only 38 people allowed access; 10% discount only for the next 72 hours…..

You get the idea - use Scarcity to get your market to act quickly. This works well with customer retention strategies, initial prospects, and special events. There are a couple of rules:

  1. Be sure to FOLLOW THROUGH on your promise! A limit is a limit. By holding your ground, they will respond accordingly NEXT time.
  2. Set clear guidelines and expectations. Be sure to TELL the prospect EXACTLY what to do!

If heathcare is perceived as a fundamental right, than people will ardently pursue its fulfillment. To some degree, they are correct in doing so, because the ultimate measure of fundamental rights derives from the rational basis of the individual. Unfortunately, the "rational" part has left by the roadside in this approach.

Canute has a bad rap these days. I read in Wikpedia the following:
Henry of Huntingdon, the 12th-century chronicler, tells how Cnut set his throne by the sea shore and commanded the tide to halt and not wet his feet and robes; but the tide failed to stop. According to Henry, Cnut leapt backwards and said "Let all men know how empty and worthless is the power of kings, for there is none worthy of the name, but He whom heaven, earth, and sea obey by eternal laws." He then hung his gold crown on a crucifix, and never wore it again.


Unlike modern rulers, he got the point on the first try. He's head-and-shoulders a better empiricist (and thus, economist) thank the DC Boys these days.

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