The ethics and economics of health care

Journal of Medicine and Philosophy 30 (6):571 – 578 (2005)
Abstract
This essay argues that medical innovation proceeds most efficiently and effectively within a free market economy. Medical innovation is an expression of the technological project: the program through which we seek to control nature, to improve the quality and quantity of life. The Technological Project proceeds most efficiently with a free market economy because such a market both promotes competition and encourages innovation. As I argue, the market is a discovery process in which alternatives are tried, tested, and selected by consumer's choices. The alternatives to a free market - primarily central planning and a heavily regulated market - fail adequately to encourage medical innovation.
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