Missing Markets - Wayne State University

Missing Markets - Wayne State University

Missing Markets J Mick Tilford March 29, 2013 http://www.emailthis.clickability.com/et/emailThis?clickMap=viewThis&etMailToID=630909340 Standard analysis Tilford is an outstanding health economist and an alumnus of this department. Has been in Arkansas all his professional

career. Arkansas is a pretty conservative place. How does he frame his analysis? Beer and Pizza Notes that we do most of our analyses with widgets, or in a pinch, beer and pizza. We get markets people use their preferences.

Firms enter or exit as profits dictate. Arrow Can Canyou you think thinkof of

other other missing missingthat agree markets? markets? 1963 article noted that all would health insurance for the elderly was

beneficial, but Insurers would have trouble marketing insurance to people with (generally) high expenditures and (generally) low incomes. Missing markets are inefficient. Creation of Medicare filled the missing market. Medicare old; Medicaid poor Tilford argues:

When someone says the cost of expanding Medicaid to cover the healthcare needs of poor citizens is something we cant afford, theyve placed a value on poor peoples lives, and it is low. HIV/AIDS in Africa George W. Bush was persuaded, largely by Evangelical leaders that all of Gods children deserved help.

Increased US financing from $500 Million to $3 billion per year. Emergency Plan for AIDS has been very successful, although the economic costs of HIV/AIDS in Africa are still enormous. Arkansas Legislature Tilford notes that the poor cannot buy health insurance because they lack the income to do so competition wont do the trick.

Health quality in Arkansas is low, and costs are high. Health security for all Arkansans will come by helping public and private payers achieve the most efficient outcome. Students of health-care economics know that truly is best for Arkansas.

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