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Previous Volume 355:1073-1074 September 7, 2006 Number 10 Next

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By Arnold Kling. 110 pp. Washington, DC, Cato Institute, 2006. $16.95. ISBN 1-930865-89-9.

In 1963, Stanford economist Kenneth Arrow, who later shared the Nobel Prize in Economics with John Hicks, wrote a seminal piece in the American Economic Review stating that classic market theory could not be applied to medical services. But that was just before health care started to become heavily commercialized and began to represent a large and growing share of the country's economic output. Since then, the aptness of Arrow's analysis has faded. The market view of medical care has come to the fore and now plays a major role in shaping U.S. health policy.

A large amount of literature . . . [Full Text of this Article]

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