Selected by the Association of University Programs in Health
Administration for the Bugbee-Falk Book Award Is the health sector
a curse or a blessing? The American health sector now accounts for
a fifth of the economy. American healthcare spending per capita far
exceeds that of other developed countries. Yet our health, as
measured by life expectancy and infant mortality, is poor by
comparison with the developed world. Other measures of quality
including hospital-acquired infection are too common. Healthcare
costs financially cripple households despite advances associated
with the Affordable Care Act. There is widespread dissatisfaction
with the American healthcare system and support for more change. It
is also the case that the health sector has been a leader in the
evolution of the American economy. Economic development is driven
by innovative technology. We tend to applaud new technology and the
improvement it brings to our lives. Important recent technologies
often grow rapidly and faster than the wider economy. This leads to
larger shares of the economy. Yet there is considerable
apprehension about costs and economic impact of health spending.
This book details important health sector institutions and
uniquely, explores linkages between healthcare and broader economic
growth. The book addresses asymmetric information between providers
and consumers as well as between insurers and beneficiaries. There
is a focus on monopoly power in labor markets which contributes to
inefficiencies in the system. The author also discusses
cost-effectiveness and allocative efficiency as well as emphasizing
productivity and its relationship to the wider economy.
General
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