Health Plan Principles Cowen, T. Goodwin, (N Article Review

Pages: 2 (725 words)  ·  Bibliography Sources: ≈ 4  ·  File: .docx  ·  Topic: Healthcare

Health Plan Principles

Cowen, T. Goodwin, (n.d.) Public Goods and Externalities. The Library of Economics

And Liberty. Retrieved from: e:/wcom teaching@butte econ externalities

definition (cee).doc

N., et al. (2007). Externalities. Encyclopedia of Earth. Retrieved from e:/wcom teaching@butte econecon 04 microexternalities!encyc of earth.doc

The higher evolving costs for medical care have been debated for decades. The problem seems to be focused on costs fo research, care, prevention, etc. As a dollar for dollar per capita expenditure. Economists tell us that these are opportunity costs. For instance, opportunity costs of devoting resources to a use is the loss of the benefits the resources placed toward that use could have product if they had been used to their best opportunity. This problem leads us to the conundrum of how to allocate health care funding. Do we place more on research and development so there are solutions to the major health problems, or do we try to find ways of disease prevention through educational and other health related programs. It is almost a utilitarian argument, but one which has not been settled -- what is the greatest good for the most people, and how does society provide for that?

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Part B -- The economic positives and negatives of a different look at healthcare vary. Healthcare is seen alternatively as an externality when actions affect others and as a market commodity. The positives revolve around the nature of healthcare as a commodity -- people need it, use it, want it, and the demand becomes greater the use and technological improvements become. Incentives are designed to limit costs and improve service, but are sometimes over-regulated to the point in which the efficiency quotient declines.

Article Review on Health Plan Principles Cowen, T. Goodwin, (N.D.) Assignment

Part C- There are predictable changes involved in healthcare economics based on the demographics of the aging population. As more people require healthcare, the burden of that cost must be spread somewhere. Unpredictable market threats like recalled drugs or side-effects often change the supply/demand curve as well. Sometimes, the economic benefits of technology in terms of supply and demand change because of the redefinition of treatment for a particular illness or diagnosis. Consumers must then quickly adapt to changes in the market -- costs,… [END OF PREVIEW] . . . READ MORE

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