Money and Medicine by Thomas E. Getzen is a unique historical review that traces the evolution of health spending from ancient times to the present and forecasts 21st-century trends. While there are many histories of medicine, few have assessed the dynamics of expenditures over decades and centuries. This book fills that gap by providing a comprehensive analysis of medical spending from ancient Egypt and Babylonia to the modern era. Through a wealth of historical reports, data, and documents, Getzen offers a compelling narrative that sheds light on the economic aspects of healthcare.

One of the key highlights of Money and Medicine is its focus on the share of income devoted to medical care. By analyzing this ratio, Getzen frames the evolutionary path of medicine, revealing an S-shaped growth curve that skyrocketed after 1900. This exponential growth was driven by scientific advancements that made therapies more effective and expensive. Additionally, the book explores how national health systems played a crucial role in shaping healthcare spending, with rates of expansion peaking in the 1960s and subsequently decelerating after 1975.

Getzen’s analysis also extends beyond individual countries, providing an international perspective on health spending trends in forty-three nations. This global outlook is accompanied by visually appealing graphs and analysis that supports a parsimonious financial model. The author uncovers significant lags between medical innovation or macroeconomic shocks and the corresponding changes in national health expenditures. This understanding helps contextualize the inertial responses to recent financial crises, such as the 2008 financial crisis and the Covid-19 recession.

Furthermore, Money and Medicine presents a method for projecting future trends in health spending over the next fifty years. This forward-thinking approach takes into account the evolving landscape of healthcare and financial dynamics, offering valuable insights for policymakers, healthcare professionals, and economists alike. Additionally, the book addresses the often-discussed issue of why healthcare spending is substantially higher in the United States compared to other countries.

As rising costs and unequal distribution of medical care continue to create a sense of crisis in many countries, Money and Medicine encourages readers to take a broader perspective. Rather than focusing solely on recent years, the book emphasizes the need to consider historical and global factors when crafting effective solutions. By uncovering the underlying factors that have shaped healthcare spending over millennia, Getzen provides a comprehensive framework for understanding the challenges and opportunities in modern healthcare.

Why You Should Order Money and Medicine

Money and Medicine is not just another history book; it offers a unique lens through which to view and understand healthcare spending. Whether you are a healthcare professional seeking to grasp the broader economic forces at play or an economist interested in the historical context of medical expenditures, this book is an invaluable resource.

By tracing the evolution of medical spending, Money and Medicine provides valuable insights into the current state of healthcare and the trends shaping its future. Understanding the historical trajectory of healthcare spending allows readers to appreciate the complexity and interconnectedness of various factors, such as scientific advancements, social practices, and national health systems. This holistic approach fosters a deeper understanding of the challenges and opportunities in modern healthcare.

Moreover, Money and Medicine prompts readers to think critically about the solutions proposed to address rising healthcare costs and unequal access to care. By highlighting the inertia surrounding healthcare spending and the lag between innovation and cost changes, the book challenges conventional thinking and offers new perspectives for policymakers and healthcare professionals.

In conclusion, Money and Medicine is an essential read for anyone interested in the history, economics, and future of healthcare. Getzen’s comprehensive analysis, supported by historical reports, data, and documents, offers a nuanced understanding of healthcare spending and its drivers. From ancient civilizations to the present day, this book explores the forces that have shaped medical expenditures, providing valuable insights for navigating the complexities of modern healthcare systems.