Healthcare Policy

The political machine triumphs because it is a united minority acting against a divided majority - Will Durant

Healthcare Policy

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Why Health Care Policy Is So Hard

Why is health care so complicated? How does it differ from most of the other goods and services that the economy produces? What makes health policy so vexing?

In Econ 101, students learn that market economies allocate scarce resources based on the forces of supply and demand. In most markets, producers decide how much to offer for sale as they try to maximize profit, and consumers decide how much to buy as they try to achieve the best standard of living they can. Prices adjust to bring supply and demand into balance. Things often work out well, with little role left for government...

Yet the magic of the free market sometimes fails us when it comes to health care. There…

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Last Updated : Thursday, May 26, 2022