Colleagues, where is the market failure? Economists on the FDA

Econ Journal Watch

Volumn 5, Issue 3, 2008, Pages 316-348

  Klein, Daniel B ^a  

^a GEORGE MASON UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 53649097259     PISSN: None     EISSN: 1933527X     Source Type: Journal    
DOI: None     Document Type: Article

References (81)

1. Anonymous JEL referee. 2002. Mailed to Daniel Klein by John McMillian, May, 2002.
2. Beales III, J. H. 1996. New uses for old drugs. In Competitive Strategies in the Pharmaceutical Industry, ed. R. B. Helms, 281-305. Washington, D.C.: American Enterprise Institute.
3. Beales III, J. H. 1997. The Health Consequences of Decisions about Drugs. Unpublished manuscript, George Washington University, Department of Strategic Management and Public Policy.
4. Becker, Gary S. 2002. Get the FDA out of the Way, and Drug Prices Will Drop. Business Week. New York: Sep 16, 2002., Iss. 3799; pg. 16.
5. Becker, Gary S. 2004. Big Ideas: Patients' Rights. The Milken Institute Review. Second Quarter: 93-94.
6. Berndt, Ernst R., Adrian H. B. Gottschalk, Tomas Philipson and Matthew W. Strobeck. 2005. Assessing the Impacts of the Prescription Drug User Fee Acts (PDUFA) on the FDA Approval Process. Forum for Health Economics & Policy, article 2. Link.
7. Buchanan, James M. 2005. Afraid to Be Free: Dependency as Desideratum. Public Choice 34: 19-31.
8. Calfee, John E. 1996. The Leverage Principle of the FDA's Regulation of Information. In Competitive Strategies in the Pharmaceutical Industry, ed. Robert B. Helms. Washington: American Enterprise Institute for Public Policy Research.
9. Calfee, John E. 2000. Prices, Markets, and the Pharmaceutical Revolution. Washington: American Enterprise Institute for Public Policy Research.
10. Calfee, John E. 2006. Playing Catch-up: The FDA, Science, and Drug Regulation. Health Policy Outlook (5). Washington: American Enterprise Institute for Public Policy Research.
11. Campbell, N. D. 2000. Exploring Free Market Certification of Medical Devices. In American Health Care, ed. R. D. Feldman, 313-46. New Brunswick Transaction Publishers.
12. Coase, Ronald H. 1982. How Should Economists Choose? Reprinted in Coase's Essays on Economics and Economists. Chicago: University of Chicago Press, 1994: 15-33.
13. Comanor, William S. 1986. The Political Economy of the Pharmaceutical Industry. Journal of Economic Literature, 24(3): 1178-1217.
14. Danzon, Patricia M., and Eric L. Keuffel. 2007. Regulation of the Pharmaceutical Industry. Paper prepared for the NBER Conference on Regulation, September 2005; paper revised September 12, 2007. Link.
15. Demsetz, Harold. 1969. Information and Efficiency: Another Viewpoint. Journal of Law and Economics 12(1): 1-22.
16. Dranove, David, and David Meltzer. 1994. Do Important Drugs Reach the Market Sooner? RAND Journal of Economics 25(3): 402-423.
17. Friedman, Milton and Rose Friedman. 1990. Free to Choose: A Personal Statement. San Diego: Harcourt Brace Jovanovich.
18. Gieringer, Dale H. 1985. The Safety and Efficacy of New Drug Approval. Cato Journal 5(1): 177-201.
19. Grabowski, Henry G., and John M. Vernon. 1977. Consumer Protection Regulation in Ethical Drugs. American Economic Review 67(1): 350-364.
20. Grabowski, H.G. and J.M. Vernon. 1983. The Regulation of Pharmaceuticals: Balancing the Benefits and the Risks. Washington, D.C.: American Enterprise Institute.
21. Hahn, Robert W. and Paul C. Tetlock. 2008. Has Economic Analysis Improved Regulatory Decisions? Journal of Economic Perspectives 22(1): 67-84.
22. Hansen, Ronald W. 2000. Regulation of the Pharmaceutical Industry. In American Health Care: Government, Market Processes, and the Public Interest, ed. Roger D. Feldman: 269-284. New Brunswick, NJ: Transaction Publishers.
23. Henderson, David R. 2002. The Joy of Freedom: An Economist's Odyssey. New York: Prentice Hall.
24. Higgs, Robert. 1994. Banning a Risky Product Cannot Improve Any Consumer's Welfare (Properly Understood), with Applications to FDA Testing Requirements. Review of Austrian Economics 7(2): 3-20.
25. Higgs, Robert. 1995a. Introduction. In Hazardous to Our Health?: FDA Regulation of Health Care Products, ed. R. Higgs, 1-11. Oakland, CA: Independent Institute.
26. Higgs, Robert. 1995b. FDA Regulation of Medical Devices. In Hazardous to Our Health?: FDA Regulation of Health Care Products, ed. R. Higgs, 55-95. Oakland, CA: Independent Institute.
27. Higgs, Robert. 1995c. Diminishing the Harm. In Hazardous to Our Health?: FDA Regulation of Health Care Products, ed. R. Higgs, 97-101. Oakland, CA: Independent Institute.
28. Holcombe, Randall. 1995. Public Policy and the Quality of Life: Market Incentives versus Government Planning. Westport, CT: Greenwood Press.
29. Hooper, Charles L. 2008. Pharmaceuticals: Economics and Regulation. In The Concise Encyclopedia of Economics, ed. D.R. Henderson. Indianapolis: Liberty Fund: 388-392.
30. Johnson, Kathleen and Shirley Svorny. 2007. Why Shouldn't Pharmacists Be Prescribers? Los Angeles Times, Oct. 22. Link.
31. Jarrell, Greg and Sam Peltzman. 1985. The Impact of Product Recalls on Wealth of Sellers. Journal of Political Economy 93 (June): 512-36.
32. Keith, A. 1995. Regulating Information about Aspirin and the Prevention of Heart Attack. American Economic Review 85 (2): 96-99.
33. Klein, Daniel B. 1998. If Government Is So Villainous, How Come Government Officials Don't Seem Like Villains?, revised version printed in 3 Libertarian Essays (Irvington, NY: Foundation for Economic Education). Link.
34. Klein, Daniel B. 2000. Policy Medicine Versus Policy Quackery: Economists against the FDA. Knowledge, Technology, and Policy 13 (spring): 92-101. Link.
35. Klein, Daniel B. 2002. The Demand for and Supply of Assurance. Chap. 9 in Market Failure or Success: The New Debate:. 172-192, edited by Tyler Cowen and Eric Crampton. Cheltenham, UK: Edward Elgar. Link.
36. Klein, Daniel B. and Charlotta Stern. 2006. Economists' Policy Views and Voting. Public Choice 126: 331-342.
37. Klein, D.B. and Alexander Tabarrok. 2002. Is the FDA safe and Effective? Online at www.FDAReview.org. A project of the Independent Institute. Link.
38. Klein, Daniel B. and Alexander Tabarrok. 2008 (forthcoming).Do Off-Label Drug Practices Argue against FDA Efficacy Requirements? A Critical Analysis of Physicians'Argumentation for Initial Efficacy Requirements. American Journal of Economics and Sociology, forthcoming. Link.
39. Krugman, Paul. 2000. Natural Born Killers. New York Times, March 22: A27.
40. Krugman, Paul. 2007. Fear of Eating. New York Times, May 21: A19.
41. Kuran, Timur. 1995. Private Truths, Public Lies: The Social Consequences of Preference Falsification. Cambridge: Harvard University Press.
42. Leffler, Keith B. 1981. Persuasion or Information? The Economics of Prescription, Drugs Advertising. Journal of Law and Economics 24(1): 45-74.
43. Lewin, Peter. 2007. Facts, Values, and the Burden of Proof. The Independent Review 11 (4): 503-517.
44. Ling, Davina C., Ernst R. Berndt, and Margaret K. Kyle. 2002. Deregulating Directto-Consumer Marketing of Prescription Drugs: Effects on Prescription and Over-the-Counter Product Sales. Journal of Law and Economics 45, Oct: 691-721.
45. Masson, Alison [aka Alison Keith] and P.H. Rubin. 1985. Matching Prescription Drugs and Consumers. New England Journal of Medicine 313 (August 22): 513-15.
46. Masson, Alison [aka Alison Keith] and P.H. Rubin. 1986. Plugs for Drugs. Regulation (Sept./Oct.): 37-44.
47. McCloskey, Deirdre N. 1985. The Rhetoric of Economics. Madison: University of Wisconsin Press.
48. McMillan, John. 2002. Correspondence to Daniel Klein, May 21.
49. Miller, Henry I. 2000. To America's Health: A Proposal to Reform the Food and Drug Administration. Stanford, Calif: Hoover Institution Press.
50. Pearson, Durk and Sandy Shaw. 1993. Freedom of Informed Choice: FDA Versus Nutrient Supplements. Neptune, NJ: Common Sense Press.
51. Peltzman, Sam. 1973. An Evaluation of Consumer Protection Legislation: The 1962 Drug Amendments. Journal of Political Economy 81 (5): 1049-1091.
52. Peltzman, Sam. 1974. Regulation of Pharmaceutical Innovation: The 1962 Amendments. Washington, D.C.: American Enterprise Institute for Public Policy Research.
53. Peltzman, Sam. 1987a. Regulation and Health: The Case of Mandatory Prescriptions and an Extension. Managerial and Decision Economics 8(1): 41-46.
54. Peltzman, Sam. 1987b. The Health Effects of Mandatory Prescriptions. Journal of Law and Economics 30(2): 207-238.
55. Peltzman, Sam. 2005. Regulation and the Natural Progress of Opulence. Washington: AEI-Brookings Joint Center on Regulatory Studies: 15-16.
56. Phelps, Charles. 2003. Health Economics, 3rd Ed. Boston: Addison-Wesley.
57. Philipson, Tomas J., Ernst R. Berndt, Adrian H. B. Gottschalk, and Matthew W. Strobeck. 2005. Assessing the Safety and Efficacy of the FDA: The Case of the Prescription Drug User Fee Acts. National Bureau of Economic Research Working paper 11742.
58. Philipson, Tomas J., Ernst R. Berndt, Adrian H. B. Gottschalk, and Matthew W. Strobeck. 2006. How Safe Is Too Safe? Innovation at the FDA. Milken Institute Review (Second Quarter): 545-554.
59. Philipson, Tomas and Eric Sun. 2008a. Regulating the Safety and Efficacy of Prescription Drugs. Vox, 3 January. Link.
60. Philipson, Tomas and Eric Sun. 2008b. Is the Food and Drug Administration Safe and Effective? Journal of Economic Perspectives 22(1): 85-102.
61. Quine, Willard van Orman. 1961. Two Dogmas of Empiricism. In Quine's From a Logical Point of View. 2nd ed. Cambridge: Harvard University Press: 20-46.
62. Rothenberg, Jerome. 1993. Social Strategy and the Tactics in the Search for Safety. Critical Review 7: 159-80.
63. Rubin, Paul H. 2000. Ignorance Is Death: The FDA's Advertising Restrictions. In American Health Care: Government, Market Processes, and the Public Interest, ed. Roger D. Feldman: 285-311. New Brunswick, NJ: Transaction Publishers.
64. Rubin, Paul H. 2005. An Uncertain Diagnosis. Regulation 28(2): 34-39.
65. Scherer, F.M. 2000. The Pharmaceutical Industry. In Handbook of Health Economics, ed. Anthony J. Cuyler and Joseph P. Newhouse, Amsterdam: Elsevier, 1301.
66. Schwartzman, David. 1975. The Expected Return from Pharmaceutical Research: Sources of New Drugs and the Profitability of R&D Investment. Washington, DC: American Enterprise Institute.
67. Smith, Adam. 1790. The Theory of Moral Sentiments. Indianapolis: University of Glasgow/Oxford University Press edition reprinted by Liberty Fund, 1982.
68. Sobel, Russell S. 2002. Public Health and the Placebo: The Legacy of the 1906 Pure Food and Drug Act. Cato Journal 21(3): 463-79. Link.
69. Statman, Meir. 1983. Competition in the Pharmaceutical Industry: The Declining Profitability of Drug Innovation. Washington, D.C.: American Enterprise Institute for Public Policy Research.
70. Stigler, George J. 1961. The Economics of Information. Journal of Political Economy, 69, June: 213-25.
71. Tabarrok, Alexander. 2000. Assessing the FDA Via the Anomaly of Off-Label Drug Prescribing. The Independent Review V (1):25-53. Link.
72. Temin, Peter. 1979. The Origin of Compulsory Drug Prescriptions. Journal of Law and Economics 22(1): 91-105.
73. Temin, Peter. 1980. Taking Your Medecine. Cambridge, Mass.: Harvard University Press.
74. Tollison, Robert. 1996. Institutional Alternatives for the Regulation of Drugs and Medical Devices. In Advancing Medical Innovation: Health, Safety, and the Role of Government in the 21st Century, ed. Ralph Epstein. Washington, D.C.: Progress and Freedom Foundation.
75. Viscusi, W. Kip. 1996. Regulatory Reform and Liability for Pharmaceuticals and Medical Devices. In Advancing Medical Innovation: Health, Safety and the Role of Government in the 21st Century, ed. Ralph Epstein. Washington, D.C.: Progress and Freedom Foundation.
76. Viscusi, W. Kip, Joseph E. Harrington, Jr., and John M. Vernon. 2005. Economics of Regulation and Antitrust. 4th edition. Cambridge: MIT Press.
77. Ward, Michael R. 1992. Drug Approval Overregulation. Regulation, Fall: 47-53.
78. Weidenbaum, Murray. 1993. Are Drug Prices Too High? The Public Interest (summer): 84-89.
79. Wildavsky, Aaron. 1988. Searching for Safety. New Brunswick, N.J.: Transaction Publishers.
80. Wiggins, Steven N. 1981. Product Quality Regulation and New Drug Introductions: Some New Evidence from the 1970s. Review of Economics and Statistics 63 (4):615-19.
81. Williams, Walter. 1996. The FDA Dawdles While Patients Are Dying. Orange County Register, May 15.