Applying the free market philosophy to healthcare
Abstract
Purpose
The purpose of this paper is to support the claim that socialism is ineffective and inefficient, and that this insight applies to socialized medicine, as well as all other forms of socialism.
Design/methodology/approach
The main method utilized in this paper is the application of basic supply and demand analysis, based on private property rights and profit considerations, to healthcare.
Findings
It is found that the application of these basic elements of economics to healthcare demonstrates that free enterprise can better attain the ends of healthcare than can socialism.
Research limitations/implications
Future research should focus on the anomaly that most people view socialism with great disdain, but not when it comes to health care. Why the logical disconnect?
Practical implications
The Soviet Union went through economic paroxysms in ridding itself of socialism. If the implications of this research are implemented, these can be avoided in our health care system.
Social implications
The impact on society of this research will be very beneficial; under free enterprise, costs will be lower, and quality of care higher. But public attitudes are at present very much in favor of socialized medicine. Hopefully, one of the benefits of the present paper will be to change this.
Originality/value
The value of the paper is that, in some small way, it will help attain greater health for the entire population.
Keywords
Citation
Testa, P. and Block, W.E. (2013), "Applying the free market philosophy to healthcare", Humanomics, Vol. 29 No. 2, pp. 105-114. https://doi.org/10.1108/08288661311319175
Publisher
:Emerald Group Publishing Limited
Copyright © 2013, Emerald Group Publishing Limited