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4min chapter
Robin Hanson, PhD: Healthcare Signaling, the Conspicuous Caring Hypothesis, and Prediction Markets in Medicine
The External Medicine Podcast
The Bommel Effect and the Rise of Healthcare Costs
Robin Hanson: About 20% of GDP is currently healthcare costs. Whereas about 50 years ago, it was a third of that number. Professor Taberock's explanation for this is due mostly primarily to the Bommel effect. He says labor-intensive industries would rise as a fraction of GDP when you don't have high labor productivity approvals. The relative expense of violins compared to other things will just go up.
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