Victor Fuchs

Last updated
Victor R. Fuchs
Born31 January 1924 (1924-01-31) (age 97)
New York City, New York, United States
Institution Stanford University
Field Health economics
Alma mater Columbia University (Ph.D.)(M.A.)
New York University (B.S.)

Victor Robert Fuchs (born January 31, 1924) is an American health economist. [1]

Contents

Career

He is an emeritus professor at Stanford University. [2] Since 1962, he has been a research associate at the National Bureau of Economic Research and is the co-director of the FRESH-Thinking Project and CASBS at Stanford University. [3] Fuchs was elected to the American Academy of Arts and Sciences in 1982 [4] and to the American Philosophical Society in 1990. In 1995, he served as president of the American Economic Association. [5] In 2001, he was recipient of the John R. Commons Award, given by the economics honor society Omicron Delta Epsilon. [6]

Relative poverty rate

Fuchs is credited with introducing the relative poverty rate, calculated as the fraction of members of a society earning less than 50% of the median income. [7] [8]

Comparison of healthcare in Canada and US

In 1990 Fuchs published a paper together with James S. Hahn, entitled How Does Canada Do it? – A comparison of Expenditures for Physicians' Services in the United States and Canada. It discusses the differences in the Canadian and US healthcare spending patterns and also discusses why healthcare expenditures are so much higher in the United States. Fuchs and Hahn found that the higher US expenditures were entirely based on 234 percent higher fees for services than Canada even though there are more physicians per capita in Canada. That shows that the typical view of Canada saving money by delivering fewer services is false and that the insurance setup, being a single-payer system, is what gives it the edge. [9]

Differences between the United States and Canada on fees, spending, and use are shown. The accentuating difference begins with the disparity in health care coverage. Canada operates under a universal health care system, which covers majority of their residents. On the other hand, the United States operates under a fragmented multi-payer system that fails to provide coverage for many Americans. [10] Moreover, the lack of correspondence between both countries regarding health care coverage validates part of the narrative reported in the study, which concluded that the US spent more on physicians' services than Canada. [9]

Furthermore, the study also suggests that higher expenditures in the US is a function of many factors including higher wages earned by US physicians, the difference of physicians on demand, billing costs, quality of health care, physicians' workload, and superfluous amenities. Notably, the factors bring to question the underlying differences in health care delivery, and the authors reported more general practitioners in Canada per capita. The limited role of general practitioners in the US compared to Canada may imply that Canadian physicians are "more inclined to recommend additional evaluation and management services." [9]

Published books

Related Research Articles

Poverty threshold Minimum income deemed adequate to live in a specific country or place

The poverty threshold, poverty limit, poverty line or breadline, is the minimum level of income deemed adequate in a particular country. Poverty line is usually calculated by finding the total cost of all the essential resources that an average human adult consumes in one year. The largest of these expenses is typically the rent required for accommodation, so historically, economists have paid particular attention to the real estate market and housing prices as a strong poverty line affect. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding the poverty line is significantly higher in developed countries than in developing countries.

Health economics

Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. Health economics is important in determining how to improve health outcomes and lifestyle patterns through interactions between individuals, healthcare providers and clinical settings. In broad terms, health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking, diabetes, and obesity.

Healthcare industry

The healthcare industry is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care. It includes the generation and commercialization of goods and services lending themselves to maintaining and re-establishing health. The modern healthcare industry includes three essential branches which are services, products, and finance and may be divided into many sectors and categories and depends on the interdisciplinary teams of trained professionals and paraprofessionals to meet health needs of individuals and populations.

Universal healthcare is a health care system in which all residents of a particular country or region are assured access to health care. It is generally organized around providing either all residents or only those who cannot afford on their own, with either health services or the means to acquire them, with the end goal of improving health outcomes.

Comparison of the healthcare systems in Canada and the United States

Comparison of the healthcare systems in Canada and the United States is often made by government, public health and public policy analysts. The two countries had similar healthcare systems before Canada changed its system in the 1960s and 1970s. The United States spends much more money on healthcare than Canada, on both a per-capita basis and as a percentage of GDP. In 2006, per-capita spending for health care in Canada was US$3,678; in the U.S., US$6,714. The U.S. spent 15.3% of GDP on healthcare in that year; Canada spent 10.0%. In 2006, 70% of healthcare spending in Canada was financed by government, versus 46% in the United States. Total government spending per capita in the U.S. on healthcare was 23% higher than Canadian government spending. And U.S. government expenditure on healthcare was just under 83% of total Canadian spending.

Healthcare in Canada Overview of healthcare

Healthcare in Canada is delivered through the provincial and territorial systems of publicly funded health care, informally called Medicare. It is guided by the provisions of the Canada Health Act of 1984, and is universal. The 2002 Royal Commission, known as the Romanow Report, revealed that Canadians consider universal access to publicly funded health services as a "fundamental value that ensures national health care insurance for everyone wherever they live in the country."

Single-payer healthcare is a type of universal healthcare in which the costs of essential healthcare for all residents are covered by a single public system.

Omicron Delta Epsilon

Omicron Delta Epsilon is an international honor society in the field of economics, formed from the merger of Omicron Delta Gamma and Omicron Chi Epsilon, in 1963. Its board of trustees includes well-known economists such as Robert Lucas, Paul Romer, and Robert Solow. ODE is a member of the Association of College Honor Societies; the ACHS indicates that ODE inducts approximately 4,000 collegiate members each year and has more than 100,000 living lifetime members. There are approximately 700 active ODE chapters worldwide. New members consist of undergraduate and graduate students, as well as college and university faculty; the academic achievement required to obtain membership for students can be raised by individual chapters, as well as the ability to run for office or wear honors cords during graduation. It publishes an academic journal entitled The American Economist twice each year.

Health care prices in the United States of America describes market and non-market factors that determine pricing, along with possible causes as to why prices are higher than other countries. Compared to other OECD countries, U.S. healthcare costs are one-third higher or more relative to the size of the economy (GDP). According to the CDC, during 2015 health expenditures per-person were nearly $10,000 on average, with total expenditures of $3.2 trillion or 17.8% GDP. Proximate reasons for the differences with other countries include: higher prices for the same services and greater use of healthcare. Higher administrative costs, higher per-capita income, and less government intervention to drive down prices are deeper causes. While the annual inflation rate in healthcare costs has declined in recent decades; it still remains above the rate of economic growth, resulting in a steady increase in healthcare expenditures relative to GDP from 6% in 1970 to nearly 18% in 2015.

Fee-for-service (FFS) is a payment model where services are unbundled and paid for separately.

United States National Health Care Act Proposed U.S. law

The Expanded and Improved Medicare for All Act, also known as Medicare for All or United States National Health Care Act, is a bill first introduced in the United States House of Representatives by Representative John Conyers (D-MI) in 2003, with 25 cosponsors. As of September 26, 2017, it had 120 cosponsors, a majority of Democrats in the House of Representatives, and the highest level of support the bill has received since Conyers began annually introducing the bill in 2003. As of December 6, 2018, the bill's cosponsors had increased to 124.

<i>Lives at Risk</i> Book by John C. Goodman

Lives at Risk is a book about modern health care systems. It examines the flaws of current health care systems and proposes reforms for the American health care system. In doing so it examines twenty common assumptions about government involvement in health care systems which they argue are myths. The book continues on to discuss the economics and politics behind health care in the United States, and proposes market based reforms.

Social inequality Uneven distribution of resources in a society

Social inequality occurs when resources in a given society are distributed unevenly, typically through norms of allocation, that engender specific patterns along lines of socially defined categories of persons. It is the differentiation preference of access of social goods in the society brought about by power, religion, kinship, prestige, race, ethnicity, gender, age, sexual orientation, and class. Social inequality usually implies to the lack of equality of outcome, but may alternatively be conceptualized in terms of the lack of equality of access to opportunity. The social rights include labor market, the source of income, health care, and freedom of speech, education, political representation, and participation. Social inequality linked to economic inequality, usually described on the basis of the unequal distribution of income or wealth, is a frequently studied type of social inequality. Although the disciplines of economics and sociology generally use different theoretical approaches to examine and explain economic inequality, both fields are actively involved in researching this inequality. However, social and natural resources other than purely economic resources are also unevenly distributed in most societies and may contribute to social status. Norms of allocation can also affect the distribution of rights and privileges, social power, access to public goods such as education or the judicial system, adequate housing, transportation, credit and financial services such as banking and other social goods and services.

Healthcare reform in the United States has a long history. Reforms have often been proposed but have rarely been accomplished. In 2010, landmark reform was passed through two federal statutes enacted in 2010: the Patient Protection and Affordable Care Act (PPACA), signed March 23, 2010, and the Health Care and Education Reconciliation Act of 2010, which amended the PPACA and became law on March 30, 2010.

The healthcare reform debate in the United States has been a political issue focusing upon increasing medical coverage, decreasing costs, insurance reform, and the philosophy of its provision, funding, and government involvement.

Health care in the United States is provided by many distinct organizations. Health care facilities are largely owned and operated by private sector businesses. 58% of community hospitals in the United States are non-profit, 21% are government-owned, and 21% are for-profit. According to the World Health Organization (WHO), the United States spent $9,403 on health care per capita, and 17.1% on health care as percentage of its GDP in 2014. Healthcare coverage is provided through a combination of private health insurance and public health coverage. The United States does not have a universal healthcare program, unlike most other developed countries.

Unnecessary health care is health care provided with a higher volume or cost than is appropriate. In the United States, where health care costs are the highest as a percentage of GDP, overuse was the predominant factor in its expense, accounting for about a third of its health care spending in 2012.

Health care finance in the United States discusses how Americans obtain and pay for their healthcare, and why U.S. healthcare costs are the highest in the world based on various measures.

Having deep roots in immigration, a considerable portion of the United States' populace is foreign-born. Undocumented immigrants make up about 28% of the foreign-born residents. A model analyzing data from 1990-2016 estimates the number of undocumented immigrants in the US range from 16.7 million to 22.1 million.

Louis Preston Garrison

Louis Preston Garrison Jr. is an American health economist who has made significant contributions to pharmacoeconomics, pharmacogenomics and personalized medicine, regulatory benefit-risk analysis, insurance, pricing, reimbursement and risk-sharing agreements. He also made numerous contributions on the economic evaluation of pharmaceuticals, diagnostics, devices, surgical procedures, and vaccines, particularly as related to organ transplantation, influenza, measles, obesity, and cancer. Garrison has published over a hundred manuscripts in peer-reviewed journals and contributed to several book chapters.

References

  1. "Curriculum Vitae VICTOR R. FUCHS" (PDF). Stanford Education. Retrieved 9 March 2021.
  2. "FSI | CHP/PCOR - Victor R. Fuchs". healthpolicy.fsi.stanford.edu.
  3. "Fresh Thinking Project".
  4. List of active members by class, 24 October 2014
  5. "American Economic Association". www.aeaweb.org.
  6. "Omicron Delta Epsilon - The International Economics Honor Society". www.omicrondeltaepsilon.org.
  7. Foster, James E. (1998). "Absolute versus Relative Poverty". The American Economic Review. 88 (2): 335–341. ISSN   0002-8282. JSTOR   116944.
  8. "Redefining Poverty and Redistributing Income - ProQuest". search.proquest.com. Retrieved 2020-02-20.
  9. 1 2 3 Victor Fuchs & James S. Hahn (27 September 1990). "How does Canada do it? – A comparison of expenditures for physicians' services in the United States and Canada". The New England Journal of Medicine. 323 (13): 884–890. doi:10.1056/NEJM199009273231306. PMID   2118594.CS1 maint: uses authors parameter (link)
  10. "Comparing international health care systems". PBS Newshour. PBS. 6 October 2009.