PHRM 231 Lecture Notes - Lecture 8: Invisible Hand, Economic Evaluation, Free Market
Document Summary
Appreciate the fact that healthcare resources are limited, and learn the impact of such resource scarcity on clinical care. Be able to critically appraise a cost-effectiveness analysis report (e. g. publication) Increase in life expectancy in canada (1980-2004): 6% United states has the highest health care cost as percentage of gdp. 1998 to 2015 saw provincial governments increase healthcare spending at an unsustainable pace. Current health care arrangements do not seem to be sustainable over next 15 years. People purchase healthcare like they purchase any other product. Free market economy (i. e. capitalism ) governs many sectors of our economy. It is not from the benevolence (generosity) of the butcher, the brewer or the baker that we expect our dinner, but from their regard for their own self-interest. Smith a (1776) an inquiry into the nature and cases of the wealth of nations. Compare your demand for going to er vs bestbuy.
