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Running Head: RELATIONSHIP BETWEEN HEALTH AND ECONOMICS 1 Relationship between Health and Economics Name Institution
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RELATIONSHIP BETWEEN HEALTH AND ECONOMICS 2 Relationship between Health and Economics Phelps outlines the two relationships between health and economic development are looked at from two perspectives. The direct labor productivity and the indirect incentive effect ( Phelps, 2018) . Labor productivity effect Labor productivity can be defined as the values that the employed individual generate per their unit pay. Labor productivity hypothesis proclaims that healthier individuals possess a higher return to their respective labor input ( Chatterjee & Sommers, 2017) . According to this dimension, improvements of health on leads to an increase in the income since absolutely all the individuals are at a position of producing much more in every unit labor that they carry out. Factors responsible for determining how much labors remain productive are human capital, economies of scale and the changes in technology. Domination of new technology, improved
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