The Economics of Medical Care (Lecture) - S1.E19

Increasing government involvement in medical care will take us toward fully socialized medicine. This trend is clearly against the interests of patients, physicians, and other health care personnel. There is of course, no such thing as “free” health care —you either pay for it directly, or via the tax system, with bureaucrats taking their usual cut along the way. The reality of the situation is that government involvement in the economics of medical care leads directly to higher costs for that care. There is no special role for government in medical care. Government should do there only what it does in other fields — enforce laws against fraud and deception, and offer some assistance (comparable to flood or tornado relief) to those in extreme medical distress. Recorded at Mayo Foundation, Rochester, MN