Skip to content
Rounds
0:00 / 0:00

Milton Friedman Speaks: The Economics of Medical Care (B1234) - Full Video

Free To Choose Network

220K subscribers • 1 video on Rounds

YouTube
  • Recommended by 2 people, in Hacker News, across 2 different months.
  • Presented by Milton Friedman, as the video describes them
  • May be out of date. Uploaded 10 years ago, in an area where guidance changes.
  • Debated among experts. Its central claim is contested, so look for the other side.

For anyone, no background needed. Education, not medical advice.

86K views10 years ago2 recommendations

Clinical medicineEvidence and public healthHealthcare systems and costsPublic health and policy

Milton Friedman argues that government involvement and regulation in healthcare lead to higher costs and lower efficiency.

Increasing government involvement in medical care will take us toward fully socialized medicine. This trend is clearly against the interests of patients, physicians, and other health care personnel. There is, of course, no such thing as "free" health care--you either pay for it directly, or via the tax system, with bureaucrats taking their usual cut along the way. The reality of the situation is that government involvement in the economics of medical care leads directly to higher costs for that care. There is no special role for government in medical care. Government should do there only what it does in other fields: Enforce laws against fraud and deception, and offer some assistance (comparable to flood or tornado relief) to those in extreme medical distress. Recorded at Mayo Foundation, Rochester, MN ©1978 / . Check out our Facebook page here: facebook.com/FreeToChooseNetwork Visit our media website to find other programs here: freetochoosemedia.org/index.php Connect with us on Twitter here: twitter.com/FreeToChooseNet Learn more about our company here: freetochoosenetwork.org/ Shop for related products here: freetochoose.net/ Stream from FreeToChoose.TV here: freetochoose.tv/

Why it's here

2 people recommend this

What people say. Recommended for its critique of medical licensing and government regulation in healthcare.

chimiin Hacker News • Recommends

On “‘Out here, it’s just me’: one doctor for 11,000 square miles”

link I also like this 45 minute lecture Milton Friedman gave to physicians telling them how they were making healthcare worse due to this type of lobbying by their representatives. link to this video
View on Hacker News

snagglegagglein Hacker News • Recommends

On “When Medical Debt Collectors Decide Who Gets Arrested”

Careful, "for-profit" healthcare has a lot of government controls on it. Single payer is only obvious after you add a lot of controls to the market. See link and the more complete link to this video . He explains how regulation eventually results in a centrally planned setup that is less efficient than what used to happen.
View on Hacker News

3D25157725in Hacker News • Mentions

On “The Moratorium on US Medical School Enrollment from 1980 to 2005 (2008)”

For any interested, here1 is the late Milton Friedman's take on how we might protect against quacks, frauds, and snake-oil salesmen posing as doctors if government didn't step in to limit the supply of medical doctors in the name of quality control. I realize it's not exactly what the article is discussing, but it's certainly relevant for all the same reasons. This is during the Q&A of his lecture "The Economics of Medical Care", given to the very people who would most object to his ideas: 1 link to this video
View on Hacker News