An Imperfect Health Care System Writing Assignment

An Imperfect Health Care System
Name
Institution
An Imperfect Health Care System
The US healthcare market is regarded as imperfect because it fails to pass the test of a free market. In a free market, every party has access to perfect information, and there are often no externalities that influence the production or the prices. Some of the reasons why the US healthcare market is considered imperfect include:
* Patients are not privy to any information regarding the price or the product early. In a perfect or free market, clients are expected to have information regarding the product and prices. However, in the healthcare market, patients are not privy to such details. Once you visit the physician, they often recommend certain procedures, medications, tests, etc. which can be costly at times. Most of the time, people end up paying or spending more than they should simply because they lack information beforehand.
* Physicians are often in positions of control or influen...