Health care reformExplain the major reasons why health care markets are highly regulated in advanced economies. Discuss the ways the Affordable Care Act addresses market failures in health care. What do you see as the main avenues for improvement in the US health care market and its regulation, such as improvement of the ACA, repeal and replacement of the ACA, or other alternatives?Barack Obama, “United States Health Care: Progress to Date and Next Steps,” JAMA issue 316 number 5 August 2016 http://jamanetwork.com/journals/jama/issue/316/5Joseph Antos et al, “Replacing the Affordable Care Act and Other Suggested Reforms” JAMA issue 316 number 5 August 2016 http://jamanetwork.com/journals/jama/issue/316/5Suggested: John Bowman, Capitalisms Compared, Chapter 2, “Health Policy.” ADDITIONAL SOURCES: To support your arguments, read at least 2 additional sources. Sources may include reputable business and economics periodicals such as the Economist, the Wall Street Journal, Business Week and Forbes. CITATIONS: Acknowledging that you have used other people’s ideas is a central part of academic discourse. It is only fair to give credit to someone whose work you are using. For this reason, all quotations, and all significant ideas or facts taken from your sources, must be acknowledged. In this assignment, you may use an abbreviated style to refer to the assigned texts, such as (North p. 34). For your additional sources, use the author’s name, publication date and then page. For example, if you are citing Jared Diamond’s Guns, Germs and Steel, published in 1999, you may write (Diamond 1999, p. 3) in the text, and then include the full citation in a bibliography at the end of the text. MAXIMUM LENGTH: 7 pages, 1.5 space, 12 point Times Roman type. Please do not exceed to this length.