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by shkkmo 1472 days ago
Markets can work fine with inelastic demand if there is adequate information, freedom of choice and proper regulations.
3 comments

More like, could than can as far as I can see. Markets kick ass under certain circumstances, but in some areas it's almost impossibly hard to achieve those circumstances.
My point is that I don't think the inelasticity of demand is why the healthcare markets work so poorly.
the problem is that some markets inherently can't have adequate information because the customers by nature of being customers don't have time to shop around.
Unfortunately government restricted the supply of doctors below population growth.