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Politics, News & Issues > Political Issues Can deregulation and free markets lower the cost of health care in the US?

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As (Nobel Prize-winning economist) Vernon Smith put it, the way healthcare usually works is that party B tells party A what A needs, and party C pays for it; there's no market solution to this problem. Health care consumers on comprehensive insurance plans have no financial incentive to shop around for more efficient providers and even less to choose less expensive treatment options-last year's state of the art-over new, expensive, marginally better ones. Comprehensive insurance breaks the free market and drives up costs for everyone.

Insurance is supposed to be a hedge against risk, n...

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