Abstract
Asymmetry in knowledge and bargaining power creates opportunities for duplicity and malpractice. Based on the experiences of the Asian medicine market, we propose that this economic sector is particularly susceptible to these vices. The visible hand of the government appears to be more effective in disciplining malefactors than the invisible hand of the market. This thesis is based on areas of knowledge such as political science, ethics, and philosophy that remain, in general, off limits to economists wishing to maintain the purity of the discipline.
Highlights
Asia’s shambolic, state-dominated health care systems have failed to satisfy the basic civil right of populations to “good health for all.” Orthodox economists, along with a wide swath of other scholars, have sought to warn society that these systems are hopelessly ineffective
According to this “market justice” viewpoint, there is no cause to bemoan the absence of equal health care opportunities, since rejection is among the rules of the game in a fair market; the excluded get what they deserve, morally and ethically indefensible the situation may be
Based on the experiences of the Asian medicine market, we propose that this economic sector is susceptible to these vices, and that the visible hand of the government appears to be more effective in disciplining malefactors than the invisible hand of the market
Summary
Asia’s shambolic, state-dominated health care systems have failed to satisfy the basic civil right of populations to “good health for all.” Orthodox economists, along with a wide swath of other scholars, have sought to warn society that these systems are hopelessly ineffective. Along with a wide swath of other scholars, have sought to warn society that these systems are hopelessly ineffective They have to be replaced promptly by radically different institutions, policies, and methods of organizing based on the philosophy of more competition, greater efficiency, and better distribution of market rewards to ensure true justice. Critics of the market such as Thorstein Veblen (1857–1929) and other detractors, basing themselves both on theory and on real-life experiences, attacked the concept of a competitive economy. Their comments and characterizations included: “It’s a bad model of reality,” “The theory failed repeatedly and badly,” “Ethically it is indefensible,” and “It can only justify harm.”. Based on the experiences of the Asian medicine market, we propose that this economic sector is susceptible to these vices, and that the visible hand of the government appears to be more effective in disciplining malefactors than the invisible hand of the market
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