Many, many years ago, the Nobel Prize-winning economist Kenneth Arrow wrote an article about asymmetry of information in medical care (your doctor knows more than you do). Since then, countless textbook authors, op-ed writers and policywonk briefers have seized on Arrow's observation to argue that a free market will not work in health care. Ergo, we need a regulated, institutionalized, bureaucratized market – like what we have in the US and almost everywhere else...

Read more: http://www.john-goodman-blog.com/laissez-faire-medicine/