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Old 02-04-2013, 05:19 PM   #73
HonestChieffan HonestChieffan is offline
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Quote:
Originally Posted by BucEyedPea View Post
That is the law of supply and demand still working. Just like black markets were a market response to soviet socialism.
There is no such thing as the law of supply and demand. There are two laws. The law of supply and the law of demand.

In the example where price (compensation) is fixed by the government as in reimbursements, the law of supply explains why fewer doctors will continue in the profession or will reduce hours and patient load. In essence as price decreases or is not allowed to rise, supply (doctors/HC professionals) will fall.

What does wrong in classic economic models is that when price is set artificially, the market is no longer allowed to respond with greater supply. Demand will grow and as a result lower quality care will be delivered. It will be slower, longer waits, and reflect the same quality of almost all situations where government is involved.

It is easy to see how a secondary market could develop for those who can afford better care for cash.
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