Friday, May 26, 2017

James Kwak — How Markets Work


Argument for single payer based on health care being a public good rather than a private good.

Baseline Scenario
How Markets Work
James Kwak | Associate Professor of Law at the University of Connecticut School of Law

6 comments:

Noah Way said...

Why does everyone keep confusing health insurance with health care?

Bob said...

Health care market: if you have the money, you get the care
If health care were affordable, there would be very little health insurance, or a health insurance market. It was the failure (unsatisfactory outcome) of the first market that created the second market.

Noah Way said...

Insurance is the institutionalization of extortion rackets. Middlemen - those who provided no service but take a percentage of every deal - are the foundation of America.

Neil Wilson said...

It's the old 'demand creates supply' nonsense as well. As though we can turn up the production to 11 and crank out more health care like a gas turbine electricity plant.

We should do that with the air force. What is the point of having trained pilot. Let's have an insurance market against war and then if there is a war we can just turn up the production to 11 and, voila, instant pilot who can fly fighters in battle.

Bob said...

War insurer: Just give us your defense budget as premium and we'll protect America. You can count on us.

Ignacio said...

It's a good example, systems that are critical are not left to the cravings of the "free markets!" and the "invisible hands!" like if it's the solution to everything, we are not talking about trivialities like choosing your last smartphone model.

Turns out health care is critical, both at individual and social level, yet some people thinks it has to be deferred as second class issue unlike the state strong's arms (military, police, executive body).

Talk about the double-standard of liberalism...