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The Marginal Benefit of Health Care

I went to the doctor last week. I spent $100 and waited an hour for the doctor to see me -- he was late. I patiently read my economics book while in the waiting room, so at least the time wasn't wasted. But, my money, I'm not sure.

He told me that I have a sick nose. Thanks doc, I knew that. That's why I'm here. I wonder if he tells amputees, "you have a sick arm." Or the blind, "you have a vision problem." I was instructed to take allergy pills, wash my nose every three hours, and to keep the temperature down at night as that dries out the nose. "If you don't feel better, come back and see me in 10 days."

I followed the advice. I don't feel any better.

So, the logic goes... if the medical professional gives you incorrect advice, you should return and pay MORE money? In economics we stop consuming where marginal benefit equals marginal cost. My costs have already exceeded my benefits. I have no incentive to go back to the doctor. It would be like buying another lottery ticket in the hope that my bad luck couldn't continue forever. Maybe if I give him another try he'll nail the diagnosis.

What if there is a tumor eating my brain? 10 days of waiting can't help that out. I have four choices: 1.) Do nothing in hopes that time will heal me. 2.) Pay more money to someone who has already failed. 3.) Pay money to another person whose qualifications I'm unable to judge. 4.) Put my faith in alternative medicine, voodoo, or Christian Science.

Cross-posted to my personal blog.

-- Kevin D. Rollins

Posted by Kevin D. Rollins on March 7, 2006 01:50 AM |

Comments

It just goes to show that all the regulation of the medical industry still can't protect us from incompetance. Maybe if we stopped ALL the regulation, the cost of going to a medical professional (even if its still not legal to call him a "doctor") would go down to the point where we can afford to see a few quacks before we find someone who can actually help.

Posted by: Tarvok | March 8, 2006 02:46 PM

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