Tag Archives: moral hazard
The cruel consequences of moral hazard in health care
Our health care system devotes too many resources to prolonging life, and too few to improving its quality. A case described by Lisa Sanders vividly illustrates what I have in mind: A couple of years earlier she started “walking like a drunk,” [the patient] told the slender, middle-aged doctor. Her legs were weak and her […]
The overlooked failure in pension markets
Public economics textbooks have lists of reasons why pension markets fail. People aren't aware of the need for for retirement savings, either because they're short sighted, or have limited cognitive abilities. Annuities markets fail, because only people who know they are likely will live a long time will choose to purchase annuities. Private markets may […]
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