The socialization of medicine is not a new discussion. Indeed, government involvement in healthcare has increased for decades. Regardless of the noble intentions of those desiring ‘healthcare for all,’ economics reveals that in the end everyone suffers.
The following video is that of a lecture made by Nobel Laureate and Economist Milton Friedman. In his discussion, Dr. Friedman reveals how government involvement in the healthcare system will necessarily diminishes care and the industry’s prosperity. By extension, Dr. Friedman illustrates how prosperity is similarly destroyed in any industry in which the government becomes heavily involved.
Dr. Friedman’s assertions are not political. His point of view is founded on sound analysis of the socialization of medicine in other countries.
The purpose of this editorial is not to suggest a specific course of action. Instead it’s purpose is to suggest a need to closely monitor the level of government involvement within your industry and to consider the propensity for involvement as a risk to your business’s future.