The Economics of Health

The Economics of Health is one of three monographs commissioned by the Ford Foundation and dealing with the economics of health, education, and welfare. It was written to interest and inform medical personnel, hospital administrators, and legislators, but particularly economists. Of the three areas mentioned, health economics is perhaps most neglected by economists despite the fact it currently presents challenging problems in financing, pricing, staffing, and organizing medical services. The distinctive economic characteristics of the health and medical care industry, the factors influencing these characteristics and their interrelationships, the present problems in the industry, and the difficulties and pitfalls of economic analysis are masterfully presented and without apparent bias. An extensive and diverse bibliography is appended. For a dabbler or neophyte in medical economics, this monograph provides a sound basic groundwork for further efforts. To a physician, it conveys a reasoned warning that any and all conclusions regarding need, demand,