The 10^th Democratic Presidential debate aired last evening. Much like prior debates, viewers once again encountered economic misconceptions and easy generalizations that underly the solutions offered by some of the candidates. Case in point – “Medicare for all”.

Senator Sanders and others have railed against the “waste” involved in having thousands of separate insurance plans that cost billions to administer. He calls it a failure of market capitalism to address the problem of affordable healthcare rationally. From my perspective, the picture is very different.

This article was originally published on Forbes.com.