1) Do you believe the US health care system is production efficient? Explain.
2) Do you believe the US health care system is allocatively efficient? Explain.
1) The productive efficiency refers to the production of goods
or services in the society at the lowest possible cost which
results in overall optimal production as well as consumption. The
US healthcare system, in this case, is not at productive
efficiency.
It is a fact that the US healthcare system is very much expensive
and it is not affordable to the common public despite the fact that
it is qualitatively far superior to the rest of the world. The
process of introducing healthcare reforms is going on from 1993
when Bill Clinton was the president of the US and dragged to the
"Obamacare' which indicates that the US healthcare system not at
productive efficiency.
2) The economics is all about allocation of resources which are
scarce in nature, in such a way that its utilization should be
optimized so that it caters the demand of the people with the price
equalling to the marginal cost of the producing that good or
service.
The US healthcare system has one of the best input to produce the
service with its high-quality education and research environment.
However, it is not optimized at the pricing level as it is too much
expensive for the common public which means it is unable to fulfil
the demand from the society. The obvious reason being the higher
marginal cost and consequntial pricing of the service. This
indicates that the US heakthcare system is not at the allocative
efficiency.
1) Do you believe the US health care system is production efficient? Explain. 2) Do you...
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