Wednesday, September 12, 2012

Dr. Keith Smith on How the Market Can Cure the Health Care Problem

The medical care industry is in serious need of reform. The question that we dare not ignore is what sort of reform. Way too often policy makers and the journalists that support them merely assume that reform requires increased socialization and centralization. The trouble is that socialization always reduces quality and increases costs because of inefficiencies due to economic calculation and incentive problems.

A different avenue for reform would be to move toward a truly free market. On Monday's Capital Account Lauren Lyster interviewed an independent doctor Keith Smith who explained how a free market can more efficiently supply medical care:

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