The problem is that any business sector built entirely on a third-party payment system is doomed to fail simply because there is no longer any "free market" involved at all.
This is very true. This genesis of the explosion of third party payments in health care started in WWII. It was for employers to get around wage controls. Again, because of government, a cancer was allowed to evolve -- the third party payment system.
In a truly free market system, the third party payment system would never have evolved.
Here is an 5 minute video from Milton Friedman Milton Friedman on Market-Based Health Care
I come from the school of thought of our Founders -- "hostility towards government" I would rather have the flaws of the market system rather than the corroding and destructive solutions of arrogant elites in government.
Again, thank you for your interesting post. I think we mostly agree.
You’re very welcome. There are a lot of very interesting and informative posts on this thread. I’ve had a good perspective on this issue because of my understanding of how the insurance industry works and how the whole system of employer-paid insurance and government programs has come to distort the economics of health care.