Free Markets in Healthcare Could Benefit Patients, But Regulations Sometimes Intervene
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Law 1 Voluntary market transactions make participants better off by allowing new options. Healthcare regulations sometimes prohibit these beneficial transactions.
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Law 2 Market prices incorporate collective wisdom on value. Government-set prices lack this knowledge and alignment with participant interests.
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Law 3 Market signals guide optimal investment and innovation that serves consumer interests. Government allocations risk misdirecting funds.
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Ignoring market laws leads to retaliation and harm, as in lower European drug access and R&D.
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Blaming markets for problems often overlooks that regulations prevented markets from functioning properly.