The real beauty of MediBid

An important part of my education in economics was learning about the Socialist Calculation Debates. The key insight of these debates, raised by Austrian economist Ludwig Von Mises, is that only in a market with private ownership can real prices arise.

The price system is an incredible thing because it incorporates all relevant information from across a market and weights costs against benefits. Without prices, economic decisions have to be made on a basis other than cost and benefit–typically either superstition or political pull. The result is that resources are used in an inefficient manner.

MediBid has many amazing features, but the one that I like best is that it allows communication through price. When you choose a doctor on MediBid, you get to decide if you’re willing to pay more for convenience; you make the decision, not an insurance company, and not a politician who balances your political importance against others.

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