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Question
The textbook notes that Rep. Billy Tauzin of Louisiana, chief architect of the new Medicare prescription drug law, has received a lucrative job lobbying for the pharmaceutical industry. News commentators have suggested that he has already earned his salary because the Medicare bill is expected to provide windfall profits for the drug companies. Chapter 10 said that one of the reasons government regulates business is to control excess profits. Are "windfall" profits for the pharmaceutical industry "excessive?" If so, how can we reconcile government's efforts to regulate against excess profits with Tauzin's ability to draft legislation that provides windfall profits?
Answer
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