Health spending - Barokong - Teknoiot

31 May 2020

Health spending - Barokong

Via the always excellent Marginal Revolution, which has its own commentary,  a splendid Random Critical Analysis post "why conventional analysis on health care is wrong."

Why does the US spend so much more on health care than other countries? Well, in part because we are a lot richer. We buy a lot of luxury goods. The fit of the line is impressive.

So, not mentioned in the original, is the spread of household income on the x axis. Particularly interesting in terms of the call that we should be more like Denmark, it's notable just how much lower household income is in Denmark, and the rest of Europe. Eyballing it, $32,500 per year vs. $48,000 per year.

Is it just that the price of health care is driven up by the US astronomically inefficient and uncompetitive system? Apparently not -- we consume higher quantities of health care.

This does not mean everything is all hunky-dory in the US health care and health insurance system. It just means the other countries are just as screwed up as we are, but being that much richer we choose to buy more of the screwed up overpriced good.

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