economics

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Healthcare and economics Institutional affiliation Student’s name Due date Healthcare economics description. Healthcare economics is an economic branch which deals with the application of the economic theory in determining the phenomena and the problems which are associated with healthcare. It entails the issues which are related to the efficiency, value, behavior and the effectiveness in the necessary production and consumption of the health and healthcare (Jackson, 2017). Economics involves the use of the scarce resources which are necessary for meeting the human needs and wants effectively. Healthcare economics, therefore, focuses on the allocation of the resources within an economy's health system including the healthcare market functioning. It is mainly concerned with the formal analysis of management, costs, benefits and the final consequences of healthcare. The healthcare economics has made significant leaps and bounds in between 1901 and 1940s.Even with the proposal of by then United States President Truman to have a national healthcare plan, the plan never succeeded as both the Congress and AMA later rejected it. The evolution of healthcare took a different step in the 1960s through the popping up of the health insurance companies. Through this, the hospitals started being more critical than before leading to the signing of law Medicaid and implementation of Social Security. In the 1970s, the healthcare costs increased radically thus spiraling out of control something that has been experienced in the last fifty years. It is due to the increased costs that the Affordable Care Act was signed into law in 2010 to reduce the expenses incurred in the

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