December 1963: 'Uncertainty and the welfare economics of medical care'

The paper by Kenneth J. Arrow, professor of economics at Stanford University, appears in The American Economic Review.

"Arrow's paper, which endorses the view that 'the laissez-faire solution for medicine is intolerable,' is widely considered to have founded the field of health care economics ... Arrow's paper argues that the delivery of health care deviates in fundamental ways from a normal free market, and, therefore, that government intervention is necessary to correct for these deviations."
     -- Summary from the National Review; link to story: @
* PDF of study: @
* Interview with Arrow (The Atlantic, 2009): @
* "Liberals Are Wrong: Free Market Health Care is Possible" (Avik S.A. Roy, The Atlantic, March 2012): @
* "Why markets can't cure healthcare" (Paul Krugman, New York Times, July 2009): @
* "Is Health Care Special?" (Uwe E. Reinhardt, New York Times, 2010): @
* "Health Care, Uncertainty and Morality" (Reinhardt, 2010): @
* "Kenneth Arrow and the birth of health economics" (World Health Organization, 2004): @
* "Uncertain Times: Kenneth Arrow and the Changing Economics of Health Care" (edited by Peter J. Hammer et al., 2003): @
* "The Social Transformation of American Medicine" (Paul Starr, 1982): @
* Entry from Nobelprize.org (Arrow won the Nobel in economics in 1972): @
* Entry from the Library of Economics and Liberty: @
* "Collected Papers of Kenneth J. Arrow: Applied Economics, Volume 6" (Harvard University Press, 1985): @ 
* Council on Health Care Economics and Policy (Brandeis University): @
* Earlier post on Operation Coffeecup (1961): @ 

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