Health care is one of the most distorted markets by government intervention, so I would be skeptical to use that as an example of how freedom messed things up.

http://www.thefreedomfactory.us/does-regulation-increase-health-care-costs/

Before government involvement, starting with the introduction of Medicare and Medicaid in 1965, expenditures were 5.9% of GDP. They rose 27% between 1965 and 1973, which startled Congress enough to again try to “fix” the problem by creating the HMO industry. Correlation doesn’t necessary mean causation, but it is interesting to note that expenditures now amount to over 16% of GDP. At a minimum, I think it prudent to question the omnipotence of politicians and their bureaucratic mandates.

There are myriad other examples of regulatory distortion that have led to calamity. Housing and the financial crisis being the most destructive to date.

It always sounds nice to think benevolent leaders can forcefully alter reality for our benefit, but more often than not their interference leaves us all worse off.

It makes me wonder who has the “conceit” in this discussion since the conservative “regulate nothing” did wonders for the US economy and those to the farther right of the spectrum (I’m looking at you libertarians) require even less oversight in the “business process”.

The sad fact that you’re overlooking is that the “investors” whose fate you bemoan here:

Meanwhile, private investors who might have produced a better engine, battery, computer, cancer treatment or other wealth-creating and life-enhancing innovations hold back for fear that big government will undermine productive efforts.

have not been overly interested in creating a better engine, battery, or computer but, have only been interested in adapting the Japanese “just in time” inventory model and exporting jobs out of the US.

Medical advancement in the US has come only as it was profitable and sparked the repetitive gouging of the US consumer. Show me another country with the high cost of medical care vs the low access.

The most true statement about your article is this:
We suffer from a disease that will likely prove fatal, in which we place undue confidence in third parties to manage our lives. but, the undue confidence was in the deregulation of the “free market” not in government oversight.