How do we explain this. I cannot believe that it is gross inefficiency on the part of the US.Might be..1. Too many ouliers making up significant costs, like in terminally ill cancer patients spending a lot in their last few months.2. US cross subsidising the health care of other countries by leading R&D.3. Stress in society?Any other ideas...?
it is indeed gross inefficiency (transaction costs spent in avoiding adverse selection problems) and wasteful over-treatment (payment per procedure)... not outliers, patient profile, better quality, higher R&D or anything. on all possible parameters, the American health care system lags behind that elsewhere and with outcomes that are worse off. i have blogged extensively on all of these issues. can be seen in the labels for health care, insurance and health insurance
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