Last Monday, Ezra Klein wrote a smart piece at Vox: The point of a health-care system isn’t to spend as little money as possible on it. His central point is spot-on. As I explained years ago, it’s a misconception to infer that Americans spend "too much" on health care simply by observing that U.S. health spending is a higher fraction of its GDP than in any other country. What matters is whether we are getting good value for the money -- a point driven home in Mr. Klein’s piece. But he gets one very important point wrong -- or at least very incomplete.
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