Price Controls

Suderman - surprise! - is against letting the government review and reject insurance large health insurance premium hikes:

[T]he problem, of course, is that what constitutes excessive or unreasonable isn't easy to define. I was at a conference with a number of lawyers this weekend, and one of them joked about how great words like "reasonable" were for the profession. (How many lawyers does it take to define what "unreasonable" means? Well, how many do you have?)  The idea is to create some legal wiggle room, but you tend to end up with absurdly circular definitions like Arizona's, which defined excessive insurance rate hikes as those that "are likely to produce an underwriting profit that is unreasonably high." It's excessive if it's unreasonable! Unreasonable if it's excessive! Feel free to ride this definitional merry-go-round until you puke. 

Tyler Cowen is confused.