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Economic Terms Paper

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Economics Terms and Health Care History
Joshua A. Barron
HCS/440
May 08, 2012
Larry Gonzales

Economics Terms and Heath Care History
To understand how Americans came into being with the current health care system in place today, it would behoove society to look where it began, where health care economics had its genesis, and how it evolved into the monster it is today. “The United States spends more on health care, both per capita and as a share of Gross Domestic Product (GDP), than any other country in the world. In 2009, spending on health care reached a record high $2.5 trillion, or 17.6 percent of U.S. GDP” (Center for U.S. Health System Reform, 2011, p. 1, Para 2). The health care industry is the dominating industry in the United States and it is currently controlling and dictating the lives of Americans across the nation. Many workers are weighing the facts of switching jobs because they may have to switch health care coverage, and with the high cost of health insurance many people are left out or cannot afford it. Patients complain about the care they receive and are eager to award their physician with a lawsuit. This paper will discuss the history and evolution of health care economics and the timeline of health care funding. History of Health Care Economics
“Who will pay for the dramatic changes to health care. In the past it has been our experience, for most individuals to pay their medical bills with private funding sources, times have changed it is now more common for insurance companies and other third party vendors to cover the larger part of the payment, leaving the individual with only a small amount to pay from private funding sources” (Getzen, & Moore, 2007, p. 3, para.1). Historically, physicians would trade their services for goods such as food, livestock, or other services patients could

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