per-person basis, U.S. healthcare spending towers above healthcare spending of other countries. Note that

while healthcare expenditures in the United States are far higher than healthcare expenditures in other

countries, the health outcomes in the United States, as measured by life expectancy and lower rates of

childhood mortality, tend to be lower. Health outcomes, however, may not be significantly affected by

healthcare expenditures. Many studies have shown that a country’s health is more closely related to diet,

exercise, and genetic factors than to healthcare expenditure. This fact further emphasizes that the United

States is spending very large amounts on medical care with little obvious health gain.

In the U.S. health insurance market, the main way of solving this adverse selection problem is that health

insurance is often sold through groups based on place of employment, or, under The Affordable Care Act, from
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