Austrian Economics: A Free Market Analysis of American Health Care

Abstract

The purpose of this paper is to apply the thoughts of the Austrian School of Economics to the current financial crisis of American health care. The controversies surrounding these health care problems are presently a topic of heated debate by many opinionated individuals offering a variety of diverse solutions. One of the less-known proposals for reform comes from the libertarian thinkers committed to Austrian Economic theory. They believe that the free market, unhampered by government intervention, is best suited for the demands of consumers by allowing the competitive private sector to offer profit-motivated solutions to these requests. My recent work in the health care sector inspired me to write my SIP from the viewpoint of these philosophers. This paper is a critique of several mistakenly celebrated forms of government action that I propose are largely to blame for the desensitization of consumer accountability, the suppression of the free market pricing mechanism, and the censorship of free will in the medical industry.