2-1 Discussion: Value of Life
Name
Institution
2-1 Discussion: Value of Life
In the contemporary world, there is both the existence of a perfect health care system and a system that is not perfect, depending on the economic factors of a certain society. In many healthcare sectors in the country, most of them would prefer a system that includes the value of a patient’s life. The value would be used to gauge the price, which will be charged on the type of care offered in the hospital. As such, from an economist’s point of view, the value will be better put in the system of weighing the efficiency in terms of the quality of healthcare being offered. As such, most people who are inclined to offer quality healthcare to many people in the country would advocate for point C in the graph. There should be an attainable strike of balance between the patient’s survival chance and the quality of life they are going to live after they have been offered the value of their funds. As such, the point shows that there is a lot of efficiency in the costs catered to bring about productivity and efficiency in the health care system.
In the curve shown in figure one of the study guide, the difference in the various points of the curve in matters of costs and efficiency. The frontier shows that at point D, efficiency and quality of life offered do not meet the value of care needed for the patient to survive. At point E, efficiency and survival rates are not attainable as most of the costs are used in the management of care. At point B, most of the cost-effectiveness did not work as most of the efficiency is declining. At point A, there are not many efficiencies and survival rates. The points all have to attain to the possibility of frontier PF.