How Not to Criticize American Health Care

There is much talk about a health care "crisis" in America, but the only real problem, rising costs, is largely attributable to interference in markets, not markets themselves.  Unfortunately, going socialized wouldn't be much of a transition, since the status quo is hardly a free market.  The government already covers half of all health care costs, with other third parties, mainly insurance, covering a large chunk of the rest.  The average person pays only 12% of his bill out of pocket.  Since there is still a profit motive, all the negative aspects of current interference aren't realized, but the costs masked by government and insurance give an excuse to increase costs further, and thus all the benefits of a free-market system aren't realized as well.  As Milton Friedman warned us, "nobody spends other people's money as well as they spend their own."  The problem with third parties picking up the bill is that we have no motive whatsoever to know what...(Read Full Article)

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