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Uneasy Coexistence: Profit Maximization And Affordable Healthcare In The Us

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  • WARBURTON, Christopher E.S.

Abstract

This paper evaluates market and policy responses to the healthcare problem in the US. It examines pricing mechanisms, medical malfeasance, and the judicial and legislative valuations of human lives. It affirms the theory that perfunctory public policies are ineffective when markets are inefficient and incapable of dealing with social issues that have positive external effects. I find that the decomposition of penury classes for federal assistance is not statistically different though the decomposition provides an expedient framework for public policy and federal government assistance to the poor. Additionally, the philosophical motives for valuing human lives in the US courts of law and legislatures produce inconsistent results, with the legislative response—and contrary to expectation—showing a large degree of variability in the value of human lives. The paper proposes that specificity rules be utilized to address the problem of inadequate healthcare when healthcare markets and policies produce inefficient outcomes.

Suggested Citation

  • WARBURTON, Christopher E.S., 2019. "Uneasy Coexistence: Profit Maximization And Affordable Healthcare In The Us," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 19(1), pages 55-80.
    • Handle: RePEc:eaa:aeinde:v:19:y:2019:i:1_5
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    References listed on IDEAS

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    3. Osborne, Evan, 1999. "Courts as Casinos? An Empirical Investigation of Randomness and Efficiency in Civil Litigation," The Journal of Legal Studies, University of Chicago Press, vol. 28(1), pages 187-203, January.
    4. Sala-i-Martin, Xavier, 1994. "Cross-sectional regressions and the empirics of economic growth," European Economic Review, Elsevier, vol. 38(3-4), pages 739-747, April.
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    More about this item

    Keywords

    Healthcare; Human Capital; Medical Malpractice; Market Failure; Poverty.;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
    • K38 - Law and Economics - - Other Substantive Areas of Law - - - Human Rights Law; Gender Law; Animal Rights Law

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