A Warrant for Pain: Caveat Emptor vs. the Duty of Care in American Medicine, c. 1970-2010
AbstractBad ethics can make for bad economic outcomes. Bad ethics are defined hedonically as the infliction of pain on others for private advantage. The infliction of pain is often justified by ‘Just World Theories’, which state that everyone gets what they deserve. Market liberalism (and its theoretical underpinning in neoclassical economics) is one theory of this kind. As an example, the micro and macro underperformance of the American health system c. 1970-2010 is explained in terms of the shift in policy norms from the fiduciary norm "first do no harm" to the neo-liberal market norm of "let the buyer beware" (caveat emptor) since the 1970s.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _102.
Length: 32 pages
Date of creation: 10 Aug 2012
Date of revision:
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Web page: http://www.nuff.ox.ac.uk/economics/
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-22 (All new papers)
- NEP-HEA-2012-09-22 (Health Economics)
- NEP-HIS-2012-09-22 (Business, Economic & Financial History)
- NEP-HME-2012-09-22 (Heterodox Microeconomics)
- NEP-PKE-2012-09-22 (Post Keynesian Economics)
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