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Economists and lawmakers need to understand the economics of healthcare

By       Message Farid Khavari       (Page 1 of 3 pages)     Permalink    (# of views)   4 comments

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View Ratings | Rate It Headlined to H3 8/11/17

Author 72056
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The biggest shortcoming of healthcare economists and politicians is that they do not understand economics, much less healthcare economics! On one hand, they add up healthcare costs to the Gross Domestic Products (GDP) instead of deducting it from the GDP. On the other hand, they do not realize that an increase in healthcare costs compounds throughout the different stages of production making it only expensive and uncompetitive with products manufactured in low-labor-cost nations.

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Healthcare is the worst type of social cost that keeps recurring and rising requiring all efforts to reduce it or, at best, eliminate it if we want healthcare for all people and at the same time a flourishing and competitive manufacturing facilities in the U.S.

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In plain English: in order to create a wealth-generating, vibrant and healthy economy all efforts must be made to reduce the healthcare cost to a minimum level. In addition, much bigger efforts must be undertaken so that healthcare costs do not find its way into the production process, much less end up going through the different stages of it due to its compounding nature.

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The more a product has to go through different stages of production, the more it compounds and the cost is greater.

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Farid A. Khavari, Ph.D., is a noted economist and independent candidate for Florida governor in 2014. He is the author of 10 books including Environomics: the Economics of Environmentally Safe Prosperity (1993) and Toward a Zero Cost Economy (more...)

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