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The Future of Healthcare Reform In the United States$
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Anup Malani and Michael H. Schill

Print publication date: 2015

Print ISBN-13: 9780226254951

Published to Chicago Scholarship Online: May 2016

DOI: 10.7208/chicago/9780226255002.001.0001

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After the ACA

After the ACA

Freeing the Market for Healthcare

Chapter:
(p.161) Chapter Seven After the ACA
Source:
The Future of Healthcare Reform In the United States
Author(s):

John H. Cochrane

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226255002.003.0007

This chapter surveys the supply, demand, and market for health care and health insurance. It concludes that a much less regulated system is possible and necessary. Cost control and technology improvement must come from disruptive competition from new suppliers, as it has in airlines, retail, Internet, and other successful industries. People must direct their expenditures at the margin and feel the benefits and costs of their decisions. Individual, portable, guaranteed renewable insurance can then emerge, addressing the pathologies of today's insurance markets. Current law and regulations rather than fundamental market failures are the main reasons a healthy market does not emerge and why a regulatory approach must fail. The chapter concludes by addressing common objections to market-based health care and insurance.

Keywords:   health care, health insurance, regulation, competition, markets, supply and demand, Affordable Care Act, ACA

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