Medical Care Price Indexes

21 Pages Posted: 14 Nov 2012

See all articles by Robert F. Graboyes

Robert F. Graboyes

Mercatus Center at George Mason University

Date Written: 1994


Since 1950, medical care prices have risen twice as fast as nonmedical prices, as indicated by the CPI and other price indexes. Indexes, however, may overstate price increases in medicine compared to other sectors. Extracting prices from expenditure data is difficult in all service sectors because outputs are hard to define. The problem may be worse in medicine, where technological change is particularly rapid.

Suggested Citation

Graboyes, Robert F., Medical Care Price Indexes (1994). FRB Richmond Economic Quarterly, vol. 80, no. 4, Fall 1994, pp. 69-89. Available at SSRN:

Robert F. Graboyes (Contact Author)

Mercatus Center at George Mason University ( email )

3434 Washington Blvd. 4th Floor
Arlington, VA 22201
United States

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