Why this Blog Matters

According to Auerbach

Economics is a social science. Like psychology, it aims to understand and even predict human behavior. I became interested in health economics when I began to understand the pervasive influence of economic considerations on medical practice. Our patients’ health is enhanced when medical financing and care policies are informed by an understanding of economics.

This interest led me to obtain an MBA (1992) at UCLA while I was on the faculty of the medical school there. I enjoyed business school, but I do not necessarily recommend this path for most physicians who develop an interest in this area. I may be able to spare you the time and expense of formal schooling if you ask for my impromptu presentation “The Ten Minute MBA: The Three Most Useful Things I Learned in Business School.”

Medical students have been enthusiastic about learning the economic aspects of the profession they are entering. The elective “Introduction to Health Economics – Concepts and Controversies in Heath Care Reform” has been well attended since it was introduced in the spring 2010 semester. This year, the blog MoneyinMedicine.wordpress.com has been developed to complement and extend the course. We will post articles for students to read before each class discussion during the current (spring 2017) semester. We plan to continue to post articles of particular interest to medical students and residents even after the semester ends. Soon, we hope to invite students and residents to contribute comments and recommend articles for the blog.

According to Eric

We live in a world where currency, has divorced itself from value and consumers from their conscience.  The relationship between our politics and our economy means that  fiscal policy will always take precedence over social policy when the two are in conflict.  Healthcare policy is a unique battleground, then, where the responsibility is primarily a social one, but the expense and demand are so great that it impacts the vitality of the global market.  We as doctors and future doctors, who thrive while constantly weighing the social and fiscal ramifications of our choices, must have the initiative to speak up when asked about the money in medicine.  To that end, we dedicate this blog.