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Ep. 43 Michel Accad, MD, Leads Bob on a Discussion of “Efficiency” and “Market Failure” as Used in Health Economics

Michel Accad practices cardiology and general internal medicine in San Francisco, and holds a part-time clinical faculty appointment at the University of California San Francisco. This episode reproduces a discussion Bob had on Michel’s podcast, where they discussed the development of “welfare economics” in mainstream theory, in preparation for their subsequent discussion (which will be Bob Murphy Show ep. 45) of Kenneth Arrow’s famous paper critiquing free-market health care delivery.

Mentioned in the Episode and Other Links of Interest:

The audio production for this episode was provided by Podsworth Media.

About the author, Robert

Christian and economist, Research Assistant Professor with the Free Market Institute at Texas Tech, Senior Fellow with the Mises Institute, and co-host with Tom Woods of the podcast "Contra Krugman."


  1. Bob Robertson on 07/03/2019 at 12:28 PM

    I very much appreciate the discussion, and your ability to present the methods of the “other side” without the kind of pejorative terms and derisive adjectives which I would have used. “Arbitrary mathematic formula”, “irrational aggregates”, and the like.

  2. Bob Murphy Show Twin Spin on 07/05/2019 at 5:36 AM

    […] episode 43 I talk to medical doctor Michel Accad on the development of neoclassical welfare and market failure […]

  3. A Fan on 07/06/2019 at 8:41 PM

    Loved this episode! Recommending it to friends as an intro to economics. Just the concise explanation of marginal thinking, subjective value theory, and all that. Great recap even as someone who had read all about this stuff.

    I’m also really digging your new focus on healthcare economics, Bob. Seems like a big problem where both sides are just focused on “who should pay for it”, forgetting that having a plastic card with a number on it doesn’t actually make anyone better off.

    I would be very interested to hear a solo episode about practical, can-pass-now legislation or projects to actually improve health care and the cost of health care right now, instead of shifting blame on who should pay for it.

  4. malika on 10/17/2019 at 9:24 AM

    Great info , good thanks.

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