Question

What are the economic concepts of both presidential candidates' health care plan (RomneyCare and Obamacare)?

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Obama’s plan necessarily will not block the increasing trend of health care cost because of moral hazard issue. The only way to incorporate the cost reducing policy is rationing: limit the availability of possibly expensive health care, for example, a price ceiling. If the price is kept low, there will be an excess demand; more patients and less hospitals, doctors, and health care services.

Now, let’s talk about what Romney is bringing to the table for health care. One thing that characterize Romney’s plan is that Medicare is gradually transformed into a voucher scheme....

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