So, so true! Whenever there is anything going wrong with our healthcare system (which really should be called a sickness treatment system, but that's a different point), everyone reflexively blames the market. See, for example, this NYT article on hernia repair--and especially the comment thread in which the vast majority of people blame the market. Why? Well, because doctors do more surgeries of the type that are more highly compensated by places like Medicare--which is a government player, but never mind!
Those of us who see this disconnect need to speak up in each and every specific instance. The mess we're in is a mixed-economy mess, with poorly aligned incentives, and a total market breakdown as a result.
Excellent article Liam. We hear this trope again and again about US healthcare being market-based and unregulated with lack of government care. Thank you for clarifying this confused issue.
So, so true! Whenever there is anything going wrong with our healthcare system (which really should be called a sickness treatment system, but that's a different point), everyone reflexively blames the market. See, for example, this NYT article on hernia repair--and especially the comment thread in which the vast majority of people blame the market. Why? Well, because doctors do more surgeries of the type that are more highly compensated by places like Medicare--which is a government player, but never mind!
https://www.nytimes.com/2023/10/30/health/hernia-surgery-component-separation.html
Those of us who see this disconnect need to speak up in each and every specific instance. The mess we're in is a mixed-economy mess, with poorly aligned incentives, and a total market breakdown as a result.
Excellent article Liam. We hear this trope again and again about US healthcare being market-based and unregulated with lack of government care. Thank you for clarifying this confused issue.