Medicare expenditures increased 497 percent, federal medicaid expenditures 484 percent, and state and local medicaid expenditures 458 percent between 1970 and 1981. Private health-insurance premiums increased 329 percent, while patient direct payments rose 214 percent.-super-1 Although these results include quantity and price changes, Waldo and Gibson (1982) show that "price inflation has been a major factor in the increase in health-care spending." Moreover, health-care expenditures exceeded 10 percent of GNP (10.5 percent) for the first time in 1982 (Office of the Secretary 1983); the comparable figure in 1960 was 5.3 percent of GNP. Copyright 1984 Western Economic Association International.
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