How Do We Measure the Value of Health?
Setup
Who decides what something is worth? The price of health care doesn’t follow many of the rules of other commodities because it is so inelastic — people value restorative treatment and will almost always try to pay for it. And what happens when we confuse price with value? Care ends up being undervalued and things like medication end up being more expensive. Rather than generating treatment breakthroughs and pricing them fairly, the economics of health care often enables distortions that increase inequality and reward value extraction activities over value creation. Economist Mariana Mazzucato talks about costs, revamping economic structures, and her new book, The Value of Everything. Join us for a book signing immediately following the discussion.
- 2019 Health
- Full transcript
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