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1 1 (1983)

handle is hein.amenin/aeiaahj0001 and id is 1 raw text is: Economics and Medical Research BURTON A. WEISBROD Medical research has brought great advances in medical tech- nology that have largely eliminated the fear of epidemics and made organ transplants, artificial limbs, and other medical marvels commonplace. With these advances, however, have come staggering increases in medical costs. A triple coronary bypass operation costs $20,000 or more, and ten years of kidney dialysis for one patient can cost $150,000. The solution to this cost problem-health insurance-has itself contributed to growing national health expenditures, from 3 percent of the gross national product a half-century ago to 10 percent of a vastly larger GNP today. Will eliminating unnecessary surgery, restricting labora- tory testing to essential cases, or undertaking benefit-cost anal- ysis before introducing new technologies or building a new hospital wing slow the health cost spiral? Medical care can be analyzed by an economist, the author believes, but it differs from other 'commodities in crucial ways that should affect public policy. From his perspective as an economist, Weisbrod examines the causes and consequences of medical research and suggests an appropriate role for it in the larger social system. Burton A. Weisbrod, director of the newly formed Project on Health Economics and Law at the University of Wisconsin, Madison, is professor of economics at the University of Wisconsin; Ziskind Visiting Professor of Economics at Brandeis University; and visiting scholar at the Center for Health Policy and Management, John F. Kennedy School of Government, Harvard University. US $12.00 ISBN-13: 976-0-6447-3512-2 ISBN-10: 0-8447-3512-4 1 1 5 1200 9178084013 512JII American Enterprise Institute for Public Policy Research 1150 Seventeenth Street, NW., Washington, D.C. 20036

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