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America is number one in health care cost per capita and 38th in quality care. Statistically, Americans spend more money on their health care than anything else but food. But the consumption of the health care dollar is predominately not paid for by the consumer. The middlemen, so to speak, make the forces of free enterprise moot. Consumers are bystanders in the relationship between purchase and quality because they do not directly pay for the service or products. This phenomenon is called Monopsony. The consumer is not the buyer. But the buyer is almost singly dominant. This is the reverse of Monopoly where the seller has the last say. This is not Microsoft at work. It is the Federal and State Medicare and Medicaid programs that buy upwards of 75% of all health care service products. Under the Obama Nation Government will be the purchaser of last resort for all Americans. Due to the onslaught of the "baby boomers" both the Government run health care and the insurance industry will bankrupt America unless they learn how to Win the Monopsony Game. This book defines the problems and proposes common sense solutions.
This book develops a general economic theory that integrates various economic theories and ideas and establishes important relationships between economic variables that are not formally recognized in the economic literature. The author demonstrates how the basic model is integrated with neoclassical growth theory, Walrasian general equilibrium theory, and Ricardian distribution theory, and how these theories can be incorporated through a single set of equations with a microeconomic basis. The book offers new insights into income and wealth distribution between heterogeneous households, racial and national differences in growth and development, interdependence between different stock variables with portfolio choices among different markets. It will appeal to scholars of economists interested in an integrative theoretical approach to this discipline.
In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs. An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return.
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
One might mistakenly think that the long tradition of economic analysis in antitrust law would mean there is little new to say. Yet the field is surprisingly dynamic and changing. The specially commissioned chapters in this landmark volume offer a rigorous analysis of the field's most current and contentious issues. Focusing on those areas of antitrust economics that are most in flux, leading scholars discuss topics such as: mergers that create unilateral effects or eliminate potential competition; whether market definition is necessary; tying, bundled discounts, and loyalty discounts; a new theory of predatory pricing; assessing vertical price-fixing after Leegin; proving horizontal agreements after Twombly; modern analysis of monopsony power; the economics of antitrust enforcement; international antitrust issues; antitrust in regulated industries; the antitrust-patent intersection; and modern methods for measuring antitrust damages. Students and scholars of law and economics, law practitioners, regulators, and economists with an interest in industrial organization and consulting will find this seminal Handbook an essential and informative resource.
This book provides a critical, selective review of concepts from game theory and their applications in public policy, and further suggests some modifications for some of the models (chiefly in cooperative game theory) to improve their applicability to economics and public policy.
Classics in Game Theory assembles in one sourcebook the basic contributions to the field that followed on the publication of Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern (Princeton, 1944). The theory of games, first given a rigorous formulation by von Neumann in a in 1928, is a subfield of mathematics and economics that models situations in which individuals compete and cooperate with each other. In the "heroic era" of research that began in the late 1940s, the foundations of the current theory were laid; it is these fundamental contributions that are collected in this volume. In the last fifteen years, game theory has become the dominant model in economic theory and has made significant contributions to political science, biology, and international security studies. The central role of game theory in economic theory was recognized by the award of the Nobel Memorial Prize in Economic Science in 1994 to the pioneering game theorists John C. Harsanyi, John Nash, and Reinhard Selten. The fundamental works for which they were honored are all included in this volume. Harold Kuhn, himself a major contributor to game theory for his reformulation of extensive games, has chosen eighteen essays that constitute the core of game theory as it exists today. Drawn from a variety of sources, they will be an invaluable tool for researchers in game theory and for a broad group of students of economics, political science, and biology.
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. It concentrates on the topic of game theory.
The foundation of democracy is the pursuit of the Greater Good. As a country, we pursue what is good for most of the people, most of the time. But that is not our approach for the care of our elderly. Of the 330 million people in America 77 million are baby boomers. In the next 10 years a staggering majority of them turned 60. Even though it would be for the Greater Good of America, there are no provisions for taking care of these aging lives. There are only time bombs: • Currently, there are 2.3 million falls per year among the elderly in nursing homes. There will be 80 million per year when the baby boomers come of nursing home age • On the average, baby boomers will have 4 to 5 chronic illnesses by the time they are 65…that equates to 350 million chronic conditions • 77 million families will be impacted by the disabilities and chronic conditions imposed on them by aging baby boomers • 77 million households are not equipped and never will be to handle chronic illnesses and dependent lives • $77 trillion dollars will be imposed annually on the budgets of State and Federal Governments to care for the aging boomers • The 46 million uninsured will become 100 million as the baby boomers become retirement age and unemployed • There are currently 1.7 million nursing home patients in 18,000 nursing homes and 4 million assisted living residents in 23,000 assisted living facilities. We will need 12 times as many nursing homes and 15 times as many assisted living facilities to handle the 77 million baby boomers in a supportive setting • 2 million physicians, 2 million nurses, 7,500 hospitals and 750,000 other health professionals cannot handle the needs of 77 million aging baby boomers. But they do want their share of the health care dollars. Making the radical change from health maintenance to prevention and health preservation would serve the greater good and make more Medicare money available. On top of these time bombs we have 77 million high expectations. If we are expecting these 77 million baby boomers to just accept nursing homes and assisted living as they are…think again. They tend to be dependent on others for their approach to health care and generally are not staying healthy; nor are they schooled on preserving their health and do not pay more for poor health. Compounding this, their health care providers are not schooled in detecting cause or in pursuing measurable outcomes. But they are paid regardless of results
The Internal Market Ideal is an essay collection honouring Professor Stephen Weatherill. A reference to his seminal work The Internal Market as a Legal Concept (OUP, 2016), this volume celebrates Weatherill's scholarship and examines the legal issues surrounding the semi-integrated market of the European Union.