Nobel Laureate Robert Folgel of the University of Chicago has argued, "Expenditures on healthcare are driven by demand, which is spurred by income and by advances in biotechnology that make health interventions increasingly effective."
a) If Fogel is correct, should policymakers be concerned by projected increases in health care spending as a percentage of GDP?
b) What objections do some economists (and do YOU) raise to Fogel's analysis of what is driving increases in spending on health care?