The Economics of Public Health and Medical Care

Abstract

It is eminently fitting that a meeting devoted to the economics of public health and medical care should be held under the auspices of the Milbank Memorial Fund. Many of America's great foundations have demonstrated a keen and unwavering interest in medical problems of one sort or another. But few of them, I believe, have been any more interested in the health of the people and particularly in the economic aspects of our present methods for preserving and safeguarding that health than the Milbank Fund. Through its excellent department of research it is adding new knowledge to our present precious store, and it is criticizing and analyzing the progress of public health work to make sure that this work is directed toward important problems and rests on sound bases. It was in considerable part through the timely and generous support of the Milbank Memorial Fund that the Committee on the Costs of Medical Care was able to start its five-year program of research in an endeavor to formulate a plan for providing adequate, scientific medical service to all the people, rich and poor, at a cost which can be reasonably met by them in their respective stations in life. The Fund was quick to recognize the significance and the desirability of carrying forward the Committee's program, and we of the Committee have always felt we could obtain not only financial support but also intelligent cooperation and valuable advice at 49 Wall Street. What is perhaps more important, we knew we didn't have to follow the advice given. Tonight I wish to address you not only as chairman of the Committee on the Costs of Medical Care but also as a physician, fallen from grace, if you will, but a physician nevertheless. Let us speculate a little about the future development of medicine and public health in the United States.