An Exciting Year

Quality, features, and supply rise faster than costs, except in three major sectors:

in America the number of hours of work that it takes to buy a car, or a wardrobe full of clothes, has halved in the past generation. But in three big areas it has singularly failed to operate: health care, education and housing.

All three areas are subject to extensive government regulation, government subsidies, and barriers to entry in the name of public safety (you or I, dear reader, cannot treat a patient, teach a course, or build a house without credentials that require years of experience, education, and testing).

Government solutions call for more spending and higher taxes, but the public's desire for more of the same seems to have peaked.

Limits spur creativity. This will be an exciting year, except for those trying to preserve the status quo.