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Our Argument Economics Theory Data Politics Theory Data Critique Akerlof - “Market for Lemons” Health → category of credence goods Assymetric information is a eo ipso problem in the health segment Supply: No signaling assumption Demand: Judging quality by market statistics Formally: Q=D(p, µ), S=S(p), µ=µ(p) Equilibrium pre-condition → S(p)=D(p, µ(p)) Good quality is crowded out sequently Adverse selection Rawls - Theory of Justice Thought Experiment Hypothesis: Obama care does not ameliorate existing violation of 2nd principle Approach too less egalitarian and flawed for both sides of market participants I. Prohibition to summon pre-existing medicial conditions for dumbing II. Public-private model → not universal health care might not maximize Rawls´ social welfare function Conclusion Reject Obama care due to efficiency shortcomings & violation against the theory of justice Economic Facts In 2011, health care premiums increased by 9% Estimated increase for 2012: 12% Workers have the largest burden Workers earnings only increased by 4% Graph 14% 12% 10% 8% Workers earnings average healtch care premiums 6% 4% 2% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 More Facts Tax credits for businesses simply don‘t work 90% of firms did not apply Only 7% applied successfully 70% of the firms can‘t easily find affordable health care Impact on AS/AD Higher work costs put downward pressure on investments Aggregated demand is directly affected, decreases New equilibrium for the economy at lower price level and lower GDP Impact on AS/AD Politics Democratic Capitalism Individuals should be free to pursue their interest Private ownership of property Totally free market – no government interventions Conservatism Conservatism is characteristic of Resistance to change Ambivalence regarding governmental activity to improve human conditions Individual freedom Anti egalitarianism – distrust in human nature Obama Care Does not improve people’s condition Health insurance should be voluntary Obama Care will destroy both the free market and individual freedom Federal government has no business regulating health Tax increases are unaffordable Obama Care Tarnishes free market Public Plan Government Run Health Encroaches on State Sovereignty Tenth Amendment ”The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.” ObamaCare Lower Quality Care Government Intervention on Medical Decisions Longer Wait Times Harms traditional values of Freedom and Liberty Employer Mandates Individual Mandates