Econoclasm Chapter Two, continued: Medical externalities
I ' ve had a request to say more about inflation. That ' s a bit off topic for the time being, but I ' ll get to it.Medicine is also unlike most other goods and services in the
extent to which it has important positive externalities – that is, benefits for
people outside of the transaction, who are not the providers or consumers. (Of
course it has negative externalities as well, including carbon emissions and
notably, a huge quantity of plastic waste.) A straightforward positive
externality is infectious disease control. Prev enting or curing infectious diseases
prevents them from being transmitted to others. This is an immense benefit to
society that goes far beyond the direct value to people who are vaccinated or
treated. Another positive externality is that people with curable or
ameliorable sickness or disability who might otherwise not be able to work can
remain in or return to the labor force, and so improve the economic well-being
of themselves and their families, and the productivity of the entire economy.
They can also better take care of their children or other dependents, maintain
their households, volunteer in the community, pay taxes, give to charity, and
whatever other good things healthier people are better able to do. And
obviously it is distressing to people when their friends and loved ones are
sick, disabled or in pain. It may even require them to give up other productive
work to care for someone else. Even if they aren ’t directly affec...
Source: Stayin' Alive - Category: American Health Source Type: blogs
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