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Maybe it's just semantics, but what I mean is from a utilitarian perspective, we can still lose out. For example imagine a life saving surgery without enough do
by mindvirus 5y ago
Maybe it's just semantics, but what I mean is from a utilitarian perspective, we can still lose out. For example imagine a life saving surgery without enough doctors who can do it. On one hand those doctors would be well paid, on the other hand we'd likely be better off as a society if more people could do it.
- jacobr1 5y agoThis is the power of the price system and markets. If there is increased demand, with limited supply, prices rise. This, in turn, incentivizes the creation of supply (and supply of substitutes to the extant that is feasible). For your example, at high enough prices, some doctors will change specialties, forms of automation will be encouraged. Teams of practitioners will be formed that allow the doctors to do back-to-back procedures while others like nurses handle preparations, medical tourism will occur while some seek out potentially less-trained doctors in countries will better supply or lower-regulation. More will be encouraged to go into medicine, alternatives like medicine will be investigated, fake-cures will be promulgated from the unscrupulous.