Article: Reassessing Our Investment In the Placebo Effect

Help! I've lost my placebo effect.

In Latin, placebo means "will please." In medicine, the placebo effect means if you believe a treatment works, you will feel better. An icon of medical practice for decades, the placebo effect was thought to harness the power of suggestion and unleash the mind over matters of the flesh. The dogma among physicians was that more than a third of people will improve when given a placebo or dummy pill if they think they're getting the real thing.

I looked on the placebo effect as a hedge against so-so and worthless medicines. In my calculations, it enhanced the effectiveness of drugs by more than 30 percent. If a pill were only 20 percent effective, I could ...

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