Economics Paper

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Submitted By zroque
Words 1118
Pages 5
In this paper I will discuss the history and evolution of healthcare economics and the timing of healthcare funding. In the 21st Century healthcare is proven to be one the largest industries that generates a great deal of money in the world. Therehas been a dramtic change in healthcre the last last hundred years. As changes and progression are examined, it becomes clear that healthcare along with the economy has created an important part of the American life.
Healthcare History
Health care economics presents information where efficiency and equity goals are pursued. Furthermore, economics establishes a framework by maximizing benefits using resources at hand. Kenneth Arrow, the person responsible for mentioning the idea of health economics as a discipline, wrote an article titled “Uncertainty and the Welfare Economies of Medical Care” in 1963. The article discusses how the medical care industry benefits society compared to the “norm”. Furthermore, Mr. Arrow wrote about the significance of supply and demand. Arrow discussed that the average person has the characteristic of only seeking medical care when they are suffering from a critical injury or illness. Its not common for the average person to receive routine medical services on a regular basis. As Mr. Arrows discussed supply condition, he quoted “Entry to the health care profession is controlled by licensing. Licensing manages the supply which consequently increases the cost of medical care”.
Medical care was expensive in the 1970’s; in fact, the rates were so high that they sometimes took a toll on living expenses. In 1979, medical care expenses escalated to $2 billion dollars. Its also important to acknowledge that this high number does not mean the average person was actually enrolled in some sort of health care because most people could not afford it. The statistics in those years was 1 of 5 families…...

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