Should Medicine be a Commodity? An Economist’s Perspective
In our society, probably in any society, goods are produced and allocated in several different ways. One very common pattern is production for and sale on the market. Butter, computers, and plumbers’ services, to take three examples out of a multitude, are produced by individuals and firms, acting in what they perceive to be their own interest, and sold, usually for money, to those who wish to consume them. While this is a common way in which goods are produced and allocated in our society, it is not the only way, nor is it even clear that it represents a larger part of the total economy than alternative ways.
KeywordsMedical Care Public Good Minimum Wage Marginal Utility Imperfect Information
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