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fiscal policy

Should the government intervene in healthcare?

Developed nations across the world intervene in healthcare. However, it is not immediately obvious what the rationale behind this intervention is. Tom Lee investigates

Economists separate the reasons for government intervention into two categories — market failure and equity considerations. I will first detail how market failure affects healthcare, before discussing equity considerations.

Market failure happens when markets fail to deliver efficient outcomes. In most markets, prices coordinate transactions between buyers and sellers so that both parties make informed decisions, and no one is worse off from the transaction. However, there are instances where this is not the case and government intervention is required to provide efficient outcomes.

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