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Uncertain Times

Uncertain Times

Kenneth Arrow and the Changing Economics of Health Care

  • Author: Hammer, Peter J.; Haas-Wilson, Deborah; Sage, William M.; Peterson, Mark A.; Pauly, Mark V.; Fuchs, Victor R.
  • Publisher: Duke University Press
  • ISBN: 9780822332091
  • eISBN Pdf: 9780822385028
  • Place of publication:  Durham , United States
  • Year of digital publication: 2003
  • Month: December
  • Pages: 400
  • DDC: 338.4/33621/0973
  • Language: English
This volume revisits the Nobel Prize-winning economist Kenneth Arrow’s classic 1963 essay “Uncertainty and the Welfare Economics of Medical Care” in light of the many changes in American health care since its publication. Arrow’s groundbreaking piece, reprinted in full here, argued that while medicine was subject to the same models of competition and profit maximization as other industries, concepts of trust and morals also played key roles in understanding medicine as an economic institution and in balancing the asymmetrical relationship between medical providers and their patients. His conclusions about the medical profession’s failures to “insure against uncertainties” helped initiate the reevaluation of insurance as a public and private good.

Coming from diverse backgrounds—economics, law, political science, and the health care industry itself—the contributors use Arrow’s article to address a range of present-day health-policy questions. They examine everything from health insurance and technological innovation to the roles of charity, nonprofit institutions, and self-regulation in addressing medical needs. The collection concludes with a new essay by Arrow, in which he reflects on the health care markets of the new millennium. At a time when medical costs continue to rise, the ranks of the uninsured grow, and uncertainty reigns even among those with health insurance, this volume looks back at a seminal work of scholarship to provide critical guidance for the years ahead.

Contributors
Linda H. Aiken
Kenneth J. Arrow
Gloria J. Bazzoli
M. Gregg Bloche
Lawrence Casalino
Michael Chernew
Richard A. Cooper
Victor R. Fuchs
Annetine C. Gelijns
Sherry A. Glied
Deborah Haas-Wilson
Mark A. Hall
Peter J. Hammer
Clark C. Havighurst
Peter D. Jacobson
Richard Kronick
Michael L. Millenson
Jack Needleman
Richard R. Nelson
Mark V. Pauly
Mark A. Peterson
Uwe E. Reinhardt
James C. Robinson
William M. Sage
J. B. Silvers
Frank A. Sloan
Joshua Graff Zivin

  • Contents
  • Foreword, Mark V. Pauly
  • Preface, Victor R. Fuchs
  • Kenneth Arrow and the Changing Economics of Health Care: "Why Arrow? Why Now?", Peter J. Hammer, Deborah Haas-Wilson, Mark A. Peterson, and William M. Sage
  • Uncertainty and the Welfare Economics of Medical Care (American Economic Review, 1963), Kenneth J. Arrow
  • PART 1: SUPPLY, DEMAND, AND HEALTH CARE COMPETITION
    • General Equilibrium and Marketability in the Health Care Industry, Michael Chernew
    • Arrow’s Concept of the Health Care Consumer: A Forty-Year Retrospective, Frank A. Sloan
    • Uncertainty and Technological Change in Medicine, Annetine C. Gelijns, Joshua Graff Zivin, and Richard R. Nelson
    • Human Inputs: The Health Care Workforce and Medical Markets, Richard A. Cooper and Linda H. Aiken
    • Health Care as a (Big) Business: The Antitrust Response, Clark C. Havighurst
  • PART 2: RISK, INSURANCE, AND REDISTRIBUTION
    • Health Insurance and Market Failure since Arrow, Sherry A. Glied
    • Can Efficiency in Health Care Be Left to the Market?, Uwe E. Reinhardt
    • Valuing Charity, Richard Kronick
    • Medical Service Risk and the Evolution of Provider Compensation Arrangements, Gloria J. Bazzoli
    • The Role of the Capital Markets in Restructuring Health Care, J. B. Silvers
  • PART 3: INFORMATION, KNOWLEDGE, AND MEDICAL MARKETS
    • Arrow and the Information Market Failure in Health Care: The Changing Content and Sources of Health Care Information, Deborah Haas-Wilson
    • The End of Asymmetric Information, James C. Robinson
    • Managing Uncertainty: Intermediate Organizations as Triple Agents, Lawrence Casalino
    • Moral Hazard vs. Real Hazard: Quality of Care Post-Arrow, Michael L. Millenson
  • PART 4: SOCIAL NORMS,AND PROFESSIONALISM
    • Arrow’s Analysis of Social Institutions: Entering the Marketplace with Giving Hands?, Peter J. Hammer
    • The Market for Medical Ethics, M. Gregg Bloche
    • The Role of Nonprofits in Health Care, Jack Needleman
    • Arrow on Trust, Mark A. Hall
    • From Trust to Political Power: Interest Groups, Public Choice, and Health Care, Mark A. Peterson
    • Regulating Health Care: From Self-Regulation to Self-Regulation?, Peter D. Jacobson
    • The Lawyerization of Medicine, William M. Sage
  • PART 5: RESPONSE BY PROFESSOR ARROW
    • Reflections on the Reflections, Kenneth J. Arrow
  • Contributors
  • Index

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    • Loan duration: 21 days
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