Fine, concise economics lesson from Professor Munger

If you want to lower the price of something, increase its supply:

The solution is out there, but it will require a fundamental change in the way we think. Competition among insurers, without decreases in underlying medical costs, may actually harm people through bad service and arbitrary denial of claims. Instead, we need competition among medical providers, just like oil change services now. LASIK surgery, one of the few areas of medical services open to competition and listed prices, has fallen in cost by 70 percent or more in the last 15 years. And quality has gone up dramatically. Walk-in clinics and fee-for-service arrangements for check-ups, or simple diagnoses like strep throat or  infected thumbs, are already widely available, cost relatively little, and require no appointment. 

Comments

[kyle8]

This is something I have heard none of the idiotic politicians bring up, but it is the MEDICAL SCHOOLS who arbitrarily keep the number of medical professionals low who are most to blame for high costs.