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The Economics of Medical Care

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12/17/2018Timothy D. Terrell

Medical care in the US and elsewhere in the world is suffering from a crisis—bureaucracy and regulation have stifled innovation and intruded on the doctor-patient relationship, while driving up anxiety about costs. Yet some say “runaway capitalism” is ruining the delivery of medical care, and many in the US want more government intervention. But as this Mises Academy course shows, medical care is already staggering under the burden of a bewildering array of cryptic rules, barriers to entry, and government mandates. The results are predictable: rising prices for some medical goods and services, frustration and confusion for patients and their care providers, slowed medical innovation, wasteful use of some technologies, and even shortened lives.

Dr. Terrell addresses some of the misconceptions about medical care that have led some to believe that free market medicine sacrifices patients for the sake of profits. Among the issues considered here: Is medical licensure necessary? Is the FDA really protecting patients? Can the market take care of those with pre-existing conditions? Does more Medicaid spending mean better health outcomes? Do infant mortality statistics show that the US is falling behind countries with socialized medicine? Build your immunity against medical socialism with this intriguing Mises Academy course.

This course is for independent study, free, and available to be taken anytime. The Mises Institute appreciates your support for continuing the creation of more courses in the Mises Academy.

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