Economic arrangements, Ramseyer writes, are structured and implemented with the intent and hope that they will be carried out with 'care, intelligence, discretion, and effort'. Yet entrepreneurs work with partial information about the products, and people, they are dealing with. 'Contracting in...

Japanese national health insurance provides universal coverage. This system necessarily entails a subsidy that dramatically raises the demand for medical services. In the face of the increased demand, the government suppresses costs by suppressing prices. Through biographical and income data on...