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Greetings What is Health Economics? Course Topics Course Mechanics HPAM8600: Health Economics Angela Fertig Spring 2010 Angela Fertig HPAM8600: Health Economics
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Greetings What is Health Economics? Course Topics Course Mechanics Greetings 1. Name? 2. What program or year? 3. Why are you taking this course? Angela Fertig HPAM8600: Health Economics
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Greetings What is Health Economics? Course Topics Course Mechanics What is Health Economics? I What is Economics? I Origin of economy: Greek for ‘one who manages a household’ I Defn of economics: the study of how society manages its scarce resources I What is Microeconomics? I The study of individual households and firms and how they interact in markets I Macro: the study of economy-wide phenomena Angela Fertig HPAM8600: Health Economics
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Greetings What is Health Economics? Course Topics Course Mechanics What is Health Economics? Studying the health economy using certain characteristic approaches used by economists: I Models – like a map, simplifying assumptions I Concepts: I Choices involve trade-offs I What did you give up to go to school? I Rent/food vs. medicine I Biggest in economics: efficiency vs. equity I Choices involve opportunity costs: total cost = I what you pay (doctor bill) I what you give up (lost wages) Angela Fertig HPAM8600: Health Economics
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Greetings What is Health Economics? Course Topics Course Mechanics What is Health Economics? Concepts, continued I Rational people make decisions at the margin I Proceed only if marginal benefit > marginal cost I One more year of school if benefit of another year exceeds costs of another year I One more doctor visit if benefit of additional visit exceeds costs of additional visit I Decisions are made in response to incentives I Old welfare system encouraged single mothers I seat belt laws encourage unsafe driving I Medicaid encourages uninsurance I Trade can make everyone better off - comparative advantage I
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