Tuesday, March 22, 2005

Healthcare costs

Why does the US spend more on healthcare than other countries? 1) It pays doctors a lot more and 2) it does more high-tech procedures (like MRIs etc.) Read this excellent column by Arnold Kling.

Why are doctor's wages higher in the US than in other countries? You could blame the AMA for restricting spots, thus driving up price, but other countries have similar governance bodies that restrict entry. Is all the wage difference just coming from a single payer system? I wonder if doctors who agitate for socialized medicine (and many do) realize that most of the cost savings out there are from their paycheck.

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