Word: marketeers
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Dates: during 1970-1979
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Here Reardon finally mentioned a coach--Frank McLaughlin--"an aggressive guy we brought in from Notre Dame." He discussed the basketball banquet at Quincy Market, where Reardon announced that about $1 million of the projected $2.5 million needed for a new 3500-seat facility was already in the coffers. He even talked about how former Marquette coach (now NBC commentator) Al McGuire had publicly berated him (on behalf of friend McLaughlin) for the small number of seats, and how President Bok had put a napkin in front of his face at the remark...
...Medicine is inherently a sellers' market. The customer (patient) has no bargaining power; he initiates only one decision?to see a doctor. The sellers (doctors and hospitals) then take over; they decide what services the patient needs, and do not ask but order him to buy. Unable to diagnose his own illness, the patient has little choice but meekly to obey...
...than $3,500 this year for a typical family of four). But the system could hardly have been better designed to fan inflation than if that had been its purpose. It has in effect repealed for medicine the last vestiges of the law of supply and demand, a free market equivalent of the law of gravity, and made health care a market of weightlessness: what goes up keeps going...
...insurance or Medicare cards before they state their symptoms; once satisfied that they are covered, they rarely even ask what the treatment will cost. Thus demand expands no matter what happens to the national income. Increases in supply do not hold down costs, as they would in a conventional market, quite the opposite. Hospitals build more beds than there are patients available to occupy them: some 25% of the more than 1 million hospital beds in the U.S. are unused
...supply of doctors has increased gradually to 2 per 1,000 population from 1.5 in 1960. But to the chagrin of classical market theorist, no competitive fee cutting has occurred. Indeed, one physician calculates gloomily that every time a new doctor begins practice the nation's medical bills go up another $250,000 a year. Reason: the typical physician generates that much additional business in the tests and hospital admissions...