A Warrant for Pain: Caveat Emptor vs. the Duty of Care in American Medicine, c. 1970-2010
AbstractBad ethics can make for bad economic outcome.� 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 University of Oxford, Department of Economics in its series Economics Series Working Papers with number Number 102.
Date of creation: 02 Aug 2012
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