Getting Better Health Care – Basic economics of health care
The basic principles of economics apply to all sorts of systems and decisions, including those of our health care system. In this first part of a 2-part series, we discuss basic economic principles and how those principles apply to the U.S. health care system.
Our guest is Dr. Robert Whaples, Professor and Chair of Economics at Wake Forest University and director of the EH.net economics history website. Dr. Whaples is also the lecturer in The Teaching Company course, Modern Economic Issues (which I heartily endorse).
In this episode, we discuss how insurance affects demand for health and the concept of moral hazard.