Amount spent less interesting than value for $. More $ spent on cars=more, better cars. /1
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More $ in US spent on healthcare does not result in more healthcare or better health outcomes. /2
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Not once insurers are mentioned in this phony article about high health costs. We are robbed blind by them daily, get nothing in return.
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Economists who are not health economists should at least read Arrow before writing anything on the topic. https://web.stanford.edu/~jay/health_class/Readings/Lecture01/arrow.pdf … (1/2)
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Market failures inherent to private health insurance lead to US's high expenditure. It's embarrassing
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Pretty sure Tyler has read Arrow (1963)
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His article suggests he has not understood the market failures inherent to a health system that relies chiefly on private health insurance
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I think you are misreading Arrow
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My 'reading' is the standard one! See http://www.scielosp.org/scielo.php?script=sci_arttext&pid=S0042-96862004000200012 … or https://www.economist.com/blogs/freeexchange/2009/07/kenneth_arrow_on_health_care … or evenhttps://www.theatlantic.com/business/archive/2012/03/liberals-are-wrong-free-market-health-care-is-possible/254648/ …
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Nothing in Arrow predicts higher expenditures. In fact, it predicts fewer expenditures because markets will partially breakdown (not exist)
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There is indeed a breakdown, as a high % of the population are uninsured and insurance companies do not want to take on the risk (1)
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Yes, but do we get 50% more or better health care? That's not a fair analogy. If we spend 50% more of housing it's because we get a bigger
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...and better house. The question is whether we get any more value from the extra money we spend on health care, and if so, how much?
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...Also what's important is whether we "voluntarily" spend more on health care. No one forces Americans to buy expensive cars and homes.
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Americans may have 50% more TVs but are they 50% more healthy? Is expensive US healthcare a Veblen good?
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Cos you have a useless hybrid public-private system that eats transaction costs and is milked by drugs and insurance corps?
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US health care spending is a special case of insurer and private provider greed, not the bad taste of Americans
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hmm, an iPhone costs about 20% more in most of Europe so actually we should be getting more for less, instead we are getting less for more
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