In 1963 and later papers, I pointed out that the special market characteristics of medical care and medical insurance could be explained by reference to differences in information among the parties involved.

Summary

This quote suggests that the unique nature of the medical care and insurance markets can be explained by differences in the information possessed by the various parties involved. The speaker implies that there is an imbalance of information between healthcare providers, insurance companies, and patients, which influences the dynamics of these markets. This insight was presented in 1963 and subsequent papers.

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