Applying the free market philosophy to healthcare

Applying the free market philosophy to healthcare Purpose – The purpose of this paper is to support the claim that socialism is ineffective and inefficient, and that this insight applies to socialized medicine, as well as all other forms of socialism. Design/methodology/approach – The main method utilized in this paper is the application of basic supply and demand analysis, based on private property rights and profit considerations, to healthcare. Findings – It is found that the application of these basic elements of economics to healthcare demonstrates that free enterprise can better attain the ends of healthcare than can socialism. Research limitations/implications – Future research should focus on the anomaly that most people view socialism with great disdain, but not when it comes to health care. Why the logical disconnect? Practical implications – The Soviet Union went through economic paroxysms in ridding itself of socialism. If the implications of this research are implemented, these can be avoided in our health care system. Social implications – The impact on society of this research will be very beneficial; under free enterprise, costs will be lower, and quality of care higher. But public attitudes are at present very much in favor of socialized medicine. Hopefully, one of the benefits of the present paper will be to change this. Originality/value – The value of the paper is that, in some small way, it will help attain greater health for the entire population. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Humanomics Emerald Publishing

Applying the free market philosophy to healthcare

Humanomics, Volume 29 (2): 10 – May 17, 2013

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Publisher
Emerald Publishing
Copyright
Copyright © 2013 Emerald Group Publishing Limited. All rights reserved.
ISSN
0828-8666
DOI
10.1108/08288661311319175
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to support the claim that socialism is ineffective and inefficient, and that this insight applies to socialized medicine, as well as all other forms of socialism. Design/methodology/approach – The main method utilized in this paper is the application of basic supply and demand analysis, based on private property rights and profit considerations, to healthcare. Findings – It is found that the application of these basic elements of economics to healthcare demonstrates that free enterprise can better attain the ends of healthcare than can socialism. Research limitations/implications – Future research should focus on the anomaly that most people view socialism with great disdain, but not when it comes to health care. Why the logical disconnect? Practical implications – The Soviet Union went through economic paroxysms in ridding itself of socialism. If the implications of this research are implemented, these can be avoided in our health care system. Social implications – The impact on society of this research will be very beneficial; under free enterprise, costs will be lower, and quality of care higher. But public attitudes are at present very much in favor of socialized medicine. Hopefully, one of the benefits of the present paper will be to change this. Originality/value – The value of the paper is that, in some small way, it will help attain greater health for the entire population.

Journal

HumanomicsEmerald Publishing

Published: May 17, 2013

Keywords: United States of America; Healthcare; Medicine; Socialism; Free markets; Socialized medicine; Moral hazard; Entry restrictions

References

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