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A frequently heard refrain from many “experts” is that in healthcare, markets unlike in other commodities do not work. This concept was given credence by a 1963 article written by the Nobel Prize winning economist Kenneth Arrow.[i] Professor Arrow’s five points were: 1) unpredictability – frequently our need for healthcare is unexpected and urgent 2) barriers to entry – one cannot just put up a sign and practice medicine; it takes years of education and...

Excerpted (pp. 126-128) from, Understanding Healthcare: A Historical Perspective, by Kenneth A. Fisher, M.D.  (www.freedominhealthcare.org) Proving that markets do work in healthcare in this country is the spectacular growth of health savings accounts along with high deductible insurance. With these accounts patients use tax-free dollars for their routine healthcare needs as they shop for the best value, using their insurance only for big-ticket items. Instead for a vast majority of Americans with our present price-...