Irreconcilable Differences: The Problem of Health Care

Health care is different from other goods and services.

• As a wealthy society, we aren’t willing to limit access to care based on ability to pay (at least entirely).

• Caveat emptor—let the buyer beware—fails in the face of complexity: The patient (the “buyer”) is often incapable of understanding what is appropriate or necessary and must rely on the provider (the “seller”) for essential advice.

• The pace of technological change outstrips our capacity to set limits on what constitutes adequate care.

• Public policy, operating through payment schema and regulation, is a blunt instrument, influencing the marketplace in both intended and unintended ways. Read more »