The Many Market Failures of Health Care

There are obvious reasons from a noneconomic standpoint why we should have some sort of universal health care system in the U.S.  There are also good reasons from a macroeconomic standpoint, primarily that there are significant administrative cost savings.  While microconomic arguments are often used to justify a privatized health care system, this not correct.  Market failures abound in this sector, and honest assessments recognize their existence.