As long as lifestyle, diet, attitude, social standing and exercise are the major determinants of personal health, the expensive American emphasis on discretionary treatment will not always seem sensible. Many people just don’t benefit that much from medical care. Look at the life expectancy around the Mediterranean — it is high but not because of wonderful health care.
But as populations age and the value of medical technology grows, the overhead costs of private insurance will prove an increasingly wise investment. For all its high immediate expenses, the American health care system is looking toward the future rather than the past. In the long run, the hidden and indirect costs of single-payer systems are harder to measure and thus are ultimately harder to control.
Get the rest of Tyler Cowen's excellent article here.
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