"Free Markets in Health Care"

Paper Summary:

In his 1995 article "Free Markets in Health Care: In Sight or Out of Reach?" E. Rambur lists the following two principles of a classic free market which are discussed in this paper: Buyers are knowledgeable about the product or know how to become knowledgeable; and sellers are free to enter and exit the market. The paper shows how these two principles relate to the health care market.

From the Paper:

"The second principle, sellers being free to enter and exit the classic free market, is also not available in the healthcare system. Nurses, with particular interest in the advanced practice nurse, are unable to enter the market. In areas that the physician does not like to go, such as those more rural or unpopulated, the nurse is more likely to be in practice. This demonstrates the fact that in most situations, the physician's choice monopolizes the practice (p. 24)."

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