Saturday, 11 February 2017

Healthcare Is Not Immune to the Laws of Economics

Mises Wire



One of the great things about economics is that it is devoid of all mysticism. Every person, good, service, and dollar is treated equally — nothing is special or above the rules. There’s nothing about the supply of or demand for apples that is categorically different from that of oranges. Since every good or service demanded by anybody is scarce, economics treats apples, oranges, computers, haircuts, education, and health care in the same way.
There is not a special branch of economic theory that only applies to health care. Economists may focus on health issues, but they use the same basic set of tools as economists who focus on energy, or any other area for that matter.

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