When the demand for a new medical technology exceeds the supply, what should be used to...
When the demand for a new medical technology exceeds the supply, what should be used to determine who gets it? A lottery? The ability to pay? The “merit” of the recipient? Might it be better to limit the development of new technologies in order to forestall the need to make these choices?
Homework Answers
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Ans:
Decision of allocation of new technology depends on who created it.
- Case 1: If creator is a private entity, it will seek to maximize profits out of it and will sell it to agent with highest willingness and ability to pay.
- Case 2: If creator is a government entity, it will seek to maximize welfare in any possible way. It will allocate on the basis of merit or need of the recipient.
Moral ground depends on the status and standard of living of a society:
- If society is poor on per capita basis having large income inequalities then government should buy technology from private entity and allocate on the basis of merit.
- If society is rich having very low income inequalities then free market allocation can work.
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