- Does the US have a health care crisis?
- What are the major reasons that medical spending is absorbing an increasing share of national output (GDP?
- How important is cost containment in establishing national health care policy?
- What do economists mean by Scarcity?
- “… the standard competitive market model just doesn’t work for health care … to act all wide-eyed and innocent about these problems is either remarkably ignorant or simply dis-ingenuous”. Kenneth Arrow catalogues the five distortions in the market of health care: unpredictability, entry barriers, the importance of trust, asymmetric information, and payment idiosyncrasies.
(a) explain how each distortion is true;
(b) are these distortions that unusual for markets in general?Unpredictability will be present in any complex system, and the health care market is certainly a complex system.
UK: +44 748 007-0908, USA: +1 917 810-5386
[email protected]
