About Steve Hyde
Why not a consumer-driven market?
Steve has spent much of this new century figuring out why the consumer markets that have so effectively delivered our other necessities of life have so utterly failed for our medical needs. The key problems were outlined in a 1963 paper by Nobel Laureate, Kenneth Arrow, titled,
Uncertainty and the Welfare Economics of Medical Care.
Mr. Arrow identified two primary culprits:
- A lack of adequate consumer information and
- The inability to commercial insurers to sell health insurance sustainably to everyone.
Dr. Arrow did not conclude, as many economists have since claimed, that consumer markets in health care are impossible—only that none have arisen and that there are barriers to their doing so. Steve believes that can now be fixed.