Healthcare: The necessity of innovation and the social value of gazillionaires.
While the Left rages about economic inequality, a phrase with a very elastic meaning, few people understand what I like to call the Social Value of Gazillionaires (SVG).
.. For example, there is a well-established pattern in automobile innovation in which safety and performance features are developed for high-end cars and then work their way down through the lines until they become standard equipment on ordinary vehicles. (Sometimes these are developed for non-production vehicles, especially racing cars.) The technology that coordinates seatbelt pre-tensioning with airbag deployment was first developed for the seriously expensive Mercedes S-Class sedan in the early 1980s, and within a few years Porsche was offering a similar system as standard equipment. Chrysler joined in a year later, and today very modestly priced cars, such as the Ford Fiesta, are available with side airbags and related safety features that were not available at any price in the 1980s. That’s SVG in action. Things like antilock brakes and modern throttle systems have followed similar patterns of development.