Improving the American Health System: Moving from Inglorious Socialism to the Free Market

14 Pages Posted: 3 May 2013 Last revised: 12 May 2013

See all articles by Raj Aggarwal

Raj Aggarwal

University of Akron; Federal Reserve Banks - Federal Reserve Bank of Cleveland; Kent State University; Kent State University Foundation

Jerry Bohinc

Dawson Partnership LLC

Date Written: May 1, 2013

Abstract

In this essay we present three simple but powerful changes in our health care system that should be implemented as soon as possible – especially as these changes will drive numerous other beneficial changes. These three changes start with the acceptance of free market principles, and includes 1) the use of transparent market prices, 2) alignment of incentives, and 3) systematic assessment and ratings of quality. The sooner we move in that direction, the better it will be for the health and economy of the US.

Keywords: Health Care Economics, Healthcare System Reform, Pricing, Quality, Incentives

JEL Classification: I10, I11, H42

Suggested Citation

Aggarwal, Raj and Bohinc, Jerry, Improving the American Health System: Moving from Inglorious Socialism to the Free Market (May 1, 2013). Available at SSRN: https://ssrn.com/abstract=2259203 or http://dx.doi.org/10.2139/ssrn.2259203

Raj Aggarwal (Contact Author)

University of Akron ( email )

Akron, OH 44325-4803
United States

Federal Reserve Banks - Federal Reserve Bank of Cleveland ( email )

East 6th & Superior
Cleveland, OH 44101-1387
United States

Kent State University ( email )

College of Business Administration
Kent, OH 44242-0001
United States

Kent State University Foundation ( email )

Akron, OH 44325-4803
United States

Jerry Bohinc

Dawson Partnership LLC ( email )

7659 Cairn Lane
Gates Mills, OH 04040
United States

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