What Drives High Health Care Costs: Friedman Fundamentals
with Milton Friedman via PolicyEdThe fundamental reason for high health care expenses is third-party payments. Most payments to physicians are made not by the patient but by a third-party — an insurance company or governmental body. By eliminating most third-party payments and restoring the role of insurance to protecting against major medical catastrophes, health care cost and spending can be reduced.
Mohamed El-Erian warns that the profession is ignoring its own failures and overlooking other disciplines' insights at its peril.
with Milton Friedman via The Hoover Centennial Milton Friedman’s work continues to inform and inspire researchers and policymakers.
The world thrives when individuals are able to pursue their interests without government interference.
by Milton Friedman via PolicyEd Milton Friedman, Hoover Institution Senior Research Fellow and Nobel Laureate, discusses how there are times when the government can become involved without infringing upon political freedom and autonomy. If two individuals enter into a business, most likely they will both benefit from it; however, there are cases in which a business can impose a cost on another individual without providing reparation. In this case, the government can become involved if markets are unable to compensate for the harm they’ve imposed.