Investing in Health

All agree it is important solows analysis 78 of growth

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Unformatted text preview: formulations that allow for such factors as human capital, technological improvements embodied in plants and equipment, multiple sectors and so on Many growth economists disagree about the fraction of economic growth that can be explained by technological progress, but virtually all agree it is important Solow’s analysis: 7/8 of growth observed from 1909- 1949 was attributable to whatever technological progress was (not the increase in labor or capital) Kenneth Arrow: Author of the paper that started health economics. Won nobel prize in economics at 1972 General equilibrium: there is market clearing equilibrium when price and quantity are in equilibrium Special economic problems of the healthcare industry are due mainly to uncertainty about how common or rare diseases are and then how efficient different treatments are. Child born in high income country now is 95% chance he would reach age 50 Makes distinct difference that he is examining medical health...
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