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Comeback by Charles R. Morris

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  CHAPTER 5

Cognitive Dissonance

Most people, when confronted with two perfectly convincing but utterly contradictory interpretations of the world, experience feelings of disorientation and profound discomfort—what psychologists call a cognitive dissonance. That might be a good description of the current American view of the health care industry.

A 2013 Barron’s investors’ report declared health care stocks to be one of “the healthiest sectors” in 2012, with “unstoppable earnings growth” and a “big pickup in the productivity of drug discovery.” “Biotech stocks were on fire.” Twice as many “very exciting novel compounds” were likely to be approved ...

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