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The law of demand and health care
Steve Verdon finds this graph in a short report from the Joint Economic Committee.
Of course, the graph shouldn't be taken too literally, other factors, especially technological change, are more important (see Newhouse's review (JSTOR), but the chart is a useful reminder that the law of demand applies to health care just like everything else.
Posted by Alex Tabarrok on March 5, 2004 at 08:01 AM in Economics, Medicine | Permalink
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