The economics of health reconsidered

A recently published book, 'The Economics of Health Reconsidered' by Tom Ri ce, provides a strong critique of the role of markets in health care. Many of the issues of 'market failure' raised by Rice, however, have been, to va rying extents, recognised previously in the health economics literature (at least outside the U.S.). What perhaps sets Rice's book apart from previous attempts to document such issues is its elegance and the methodical manner in which this critique is delivered. Significantly the critique is based s olely on conventional economic arguments. There has, however, been an emerg ing strand of the health economics literature not acknowledged in Rice's bo ok which has approached some of these issues of market failure from a diffe rent perspective. Notably this research has involved, in part, borrowing fr om the ideas and methodological traditions of other disciplines. The emphas is in this work has been to expand the scope and the concerns of economic a nalysis in health care.