The classical tradition of partial equilibrium theory had been to split the economy into separate markets, each of whose equilibrium conditions could be stated as a single equation determining a single variable. The theoretical apparatus of supply and demand curves developed by Fleeming Jenkin and Alfred Marshall provided a unified mathematical basis for this approach, which the Lausanne School generalized to general equilibrium theory.
Posted on February 9, by Scott Alexander I. Tyler Cowen writes about cost disease. Cowen seems to use it indiscriminately to refer to increasing costs in general — which I guess is fine, goodness knows we need a word for that. Cowen assumes his readers already understand that cost disease exists.
So I thought I would make the case for the cost disease in the sectors Tyler mentions — health care and education — plus a couple Basic macroeconomics essay. There was some argument about the style of this graph, but as per Politifact the basic claim is true.
Per student spending has increased about 2. At the same time, test scores have stayed relatively stagnant.
School spending has been on exactly the same trajectory before and after that time, and in white and minority areas, suggesting that there was something specific about that decade which improved minority but not white scores.
I discuss this phenomenon more here and herebut the summary is: Costs really did more-or-less double without any concomitant increase in measurable quality. Which would you prefer? Sending your child to a school?
Second, college is even worse: My parents sometimes talk about their college experience, and it seems to have had all the relevant features of a college experience.
The graph is starting to look disappointingly Basic macroeconomics essay The cost of health care has about quintupled since This has had the expected effects.
Life expectancy has gone way up since In terms of calculating how much lifespan gain healthcare spending has produced, we have a couple of options. Start with by country: Some people use this to prove the superiority of centralized government health systems, although Random Critical Analysis has an alternative perspective.
In any case, it seems very possible to get the same improving life expectancies as the US without octupling health care spending.
The Netherlands increased their health budget by a lot aroundsparking a bunch of studies on whether that increased life expectancy or not. In none of these studies is the issue of reverse causality addressed; sometimes it is not even mentioned.
This implies that the effect of health care spending on mortality may be overestimated. Based on our review of empirical studies, we conclude that it is likely that increased health care spending has contributed to the recent increase in life expectancy in the Netherlands.
An important reason for the wide range in such estimates is that they all include methodological problems highlighted in this paper. But if we irresponsibly take their median estimate and apply it to the current question, we get that increasing health spending in the US has been worth about one extra year of life expectancy.
That would suggest a slightly different number of 0.
Or instead of slogging through the statistics, we can just ask the same question as before. Do you think the average poor or middle-class person would rather: The first New York City subway opened around Things become clearer when you compare them country-by-country. This is a difference of 50x between Seoul and New York for apparently comparable services.
It suggests that the s New York estimate above may have been roughly accurate if their efficiency was roughly in line with that of modern Europe and Korea. Most of the important commentary on this graph has already been saidbut I would add that optimistic takes like this one by the American Enterprise Institute are missing some of the dynamic.
Yes, homes are bigger than they used to be, but part of that is zoning laws which make it easier to get big houses than small houses.
When I first moved to Michigan, I lived alone in a three bedroom house because there were no good one-bedroom houses available near my workplace and all of the apartments were loud and crime-y.
Or, once again, just ask yourself: US health care costs about four times as much as equivalent health care in other First World countries; US subways cost about eight times as much as equivalent subways in other First World countries. I guess I just figured that Grandpa used to talk about how back in his day movie tickets only cost a nickel; that was just the way of the world.
But all of the numbers above are inflation-adjusted.
They have really, genuinely dectupled in cost, no economic trickery involved.attheheels.com has been an NCCRS member since October The mission of attheheels.com is to make education accessible to everyone, everywhere.
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