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The “Father” of Health Economics
By Dr. David Edward Marcinko MBA, CMP™
[Editor-in-Chief]
Professor Kenneth Arrow is a Nobel laureate who explored the characteristics of a perfectly competitive marketplace for an ordinary commodity – and how the healthcare industry deviated from those characteristics – and what aspects of health care might explain these deviations.
But, in as much as he did all this in the 1960’s, he is known today as the “father” of health [not health care] economics.
LINK: https://www.nobelprize.org/prizes/economic-sciences/1972/arrow/facts/
Required ME-P Reading
In fact, his 1963 paper launched health economics as a unique discipline and is as close to required reading as can exist for followers of the ME-P and our related websites and educational consulting firms [sidebar].
Assessment
Arrow Title: “Uncertainty and the Welfare Economics of Medical Care”
Link: Arrow
Commentary
- Uwe Reinhar0t PhD: http://economix.blogs.nytimes.com/2010/08/06/is-health-care-special/
Glossary: Dictionary of Health Economics and Finance
Conclusion
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Filed under: Glossary Terms, Health Economics | Tagged: Dictionary of Health Economics and Finance, Health Economics, kenneth arrow |
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Uwe Reinhardt PhD on Ken Arrow
Here are two links to health economist Uwe Reinhardt’s post on Kenneth Arrow PhD regarding the publication that launched health economics as a discipline; from Austin Frakt PhD at the Economix.
• http://theincidentaleconomist.com/reinhardt-on-arrow-part-2/
• http://theincidentaleconomist.com/reinhardts-third-post-on-arrow-1963/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheIncidentalEconomist+%28The+Incidental+Economist+%28Posts%29%29
Your comments are appreciated.
Dr. David Edward Marcinko MBA
[Editor-in-Chief]
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The Next Health Economy
There is a growing view in U.S. healthcare circles that the industry is on the cusp of remarkable – perhaps even revolutionary – transformation.
http://thehealthcareblog.com/blog/2014/07/19/the-next-health-economy/#more-74865
At a recent summit sponsored by the Altarum Institute’s Center for Sustainable Health Spending, speaker after speaker returned to the theme that we are slowly but surely moving from a volume-based system (paying for stuff) to a value-based model (paying for results).
Maybe Dr. Arrow was correct after all-lo these many years!
Van
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Dr. Arrow’s Theory
https://www.investopedia.com/terms/a/arrows-impossibility-theorem.asp
Dr. David E. Marcinko MBA
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