The Free Market And Health Care
I know very little about health care delivery. But one thing I do know -- health care delivery is not a normal market and applying the standard free market platitudes to it is just plain silly. Greg Mankiw does that today and Paul Krugman has the appropriate response:
[E]conomists have known for 45 years — ever since Kenneth Arrow’s seminal paper — that the standard competitive market model just doesn’t work for health care: adverse selection and moral hazard are so central to the enterprise that nobody, nobody expects free-market principles to be enough. To act all wide-eyed and innocent about these problems at this late date is either remarkably ignorant or simply disingenuous.
I say disingenuous.
Speaking for me only
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