Studies of ‘Kenneth Arrow’s 1963 paper entitled “Uncertainty and the Welfare Economics of Medical Care”
‘Kenneth Arrow’s 1963 paper entitled “Uncertainty and the Welfare Economics of Medical Care” identifies the unique characteristics of the health care market and health care commodities. He states that “the list is not exhaustive, and it is not claimed that the characteristics listed are individually unique to this market. But, taken together, they do establish a special place for medical care in economic analysis”. Discuss this statement-making use of applied examples and references where appropriate’. The American entrepreneur and motivational speaker Jim Rohn once said “Take care of your body it is the only place you have to live” No matter what way one looks at health and health care their importance is infinite. This quote shows the importance of studying healthcare from every perspective. Economically included. When Kenneth Arrow wrote his paper “Welfare Economics of Medical Care” he was correct that the healthcare system as a market brings with it many unique feature...