Question

A politician comes out with his/her argument: "Every resident should be guaranteed the best healthcare possible."

As an economist, discuss his/her argument from the standpoints of equality and efficiency!

Answer 1

"Every resident should be guaranteed the best healthcare possible."

An economist will be in favor of this statement because it will increase equality and efficiency in the economy. When every person in every household is granted best healthcare services, they feel important and valuable. This helps in reduction of discrimination in the economy. They also become healthy by having access to healthcare. Healthy people in turn work more and produce more output for the economy. In this way efficiency of an economy increases.

Thus, we can say that by proving healthcare facilities to all, equality and efficiency is improved in an economic system.