Markets vs Public Health Systems: Perspectives from the Austrian School of Economics

This book provides a theoretical framework from Austrian Economics to support greater involvement of the private sector in improving inefficiencies in public healthcare. It explores the theoretical aspects of a market-based healthcare system and its individual elements, including health insurance, and provides counterarguments for market failures. The second part of the book explores the theoretical aspects of interventionism and the functioning of public systems, and is essential reading for health economists and those holding key public positions related to healthcare.

Format: Paperback / softback
Length: 96 pages
Publication date: 25 September 2023
Publisher: Taylor & Francis Ltd

The quest for alternative solutions to address the challenges faced by public healthcare systems is driven by the need to enhance access to medical services. However, the implementation of these proposals necessitates a robust theoretical foundation to effectively present and apply them. This book harnesses the insights of Austrian Economics to provide a theoretical framework that supports increased involvement of the private sector in improving the inefficiencies within public healthcare.

The Austrian School of Economics boasts a substantial theoretical body of work that delves into the intricacies of various facets of the market economy, such as money, prices, interest rates, and capital. This book applies these principles to a market-based healthcare system and its constituent parts, including health insurance. The study presented in these chapters is structured into two distinct sections. The first part focuses on the theoretical underpinnings of a fully functioning market system. Special emphasis is placed on presenting health insurance as a market institution and examining its pivotal role within the market system. This analysis also encompasses an exploration of alternative financing mechanisms for accessing medical services, including direct payments, medical savings accounts, medical subscriptions, and charity. Furthermore, robust counterarguments are offered to address so-called market failures, such as asymmetric information, public goods, and monopolies.

The second part of the book delves into the theoretical aspects of interventionism and the functioning of public systems, with the aim of highlighting the root causes of the associated problems. This work constitutes a significant contribution to the literature on health economics, healthcare management, and policy, as well as Austrian Economics in general. It is an essential reading for health economists and individuals holding key positions in public policy.

Weight: 158g
Dimension: 139 x 216 x 9 (mm)
ISBN-13: 9781032193946