[Regretfully, the planned live-streaming will not be available. A video recording will be posted on the website as soon as possible.]
Kenneth Arrow wrote what became a landmark article in health economics, “Uncertainty and the Welfare Economics of Medical Care.”
Arrow’s analysis is deeply imbedded in the economic theory of welfare economics — which in turn is built upon the belief that it is possible to determine a socially optimal allocation of resources — frequently along the lines of Pareto optimality — and anything short of that optimal state is a “market failure.” Arrow contends that the lack of optimality in healthcare, and the market failures which lead to it, emanate from variant forms of uncertainty, manifesting as problems of risk, insurance and imperfect information. He discusses ways that society attempts to circumvent market failures through the use of non-market institutions, such as government, professionalism, nonprofit status, and trust.
Arrow’s article quickly became required reading for anyone studying the economics of healthcare — and even today, his ideas continue to influence scholarly and popular dialogue. Anyone with a serious interest in tackling healthcare reform needs to be familiar with Arrow’s analyses, in particular, the problems of adverse selection in insurance, and of asymmetric information, both in matters of insurance and in doctor-patient relationships.
To celebrate Arrow’s contribution to healthcare economics, the Benjamin Rush Institute is hosting a debate. We have gathered an exciting panel of scholars who are well versed in Arrow’s work. Dr. Sage edited and Dr. Pauly contributed to a compilation of essays on the 40th anniversary, Uncertain Times: Kenneth Arrow and the Changing Economics of Health Care. Avik Roy has written several op-eds critiquing the use of Arrow to justify government interventions.
We are hoping to live-stream the event – but it’s a new device and we make no promises. If you are interested in watching – we will announce the access on the BRI website as soon as we can on Wednesday.
If you can make the event in person — even better!! RSVP through the link above. See the flyer for more information.
Benjamin Rush Institute Presents:
“Be It Resolved: Healthcare markets are not unique and do not require extra government intervention in order to function.”
WEDNESDAY, DECEMBER 4, 2013
University of Texas Health Science Center at
San Antonio School of Medicine
Pestana Lecture Hall 3.104A • 7703 Floyd Curl Drive
6:00 pm Reception & Pre-debate Vote
6:30 – 8:00 pm Debate