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Indeed. The free market is only efficient if property rights exist and are enforced, transaction costs are low, and there are low barriers to entry. In the US w
by fennecfoxen 10y ago
Indeed. The free market is only efficient if property rights exist and are enforced, transaction costs are low, and there are low barriers to entry. In the US we had the property rights done fairly well, the transaction costs were manageable (outside of emergencies where every second counts)... it was the barriers to entry that were a major pain, and no reform in recent memory has done anything but make those worse.
Unless and until it becomes easier to start new businesses, hospitals, practices and careers in the medical-care profession, no one should expect the market to be functional.
- jeffdavis 10y agoYou left out the biggest difference between what we have and a free market: third party payment. If the party paying is not the party demanding, it does not resemble a free market.