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Often used synonymously with health economics, medical economics, according to Culyer, [31] is the branch of economics concerned with the application of economic theory to phenomena and problems associated typically with the second and third health market outlined above: physician and institutional service providers. Typically, however, it ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Poor health outcomes appear to be an effect of economic inequality across a population. Nations and regions with greater economic inequality show poorer outcomes in life expectancy, [31]: Figure 1.1 mental health, [31]: Figure 5.1 drug abuse, [31]: Figure 5.3 obesity, [31]: Figure 7.1 educational performance, teenage birthrates, and ill health due to violence.
Economic prosperity and health are well-established to have a positive correlation, but the extent to which health has a causal effect on economic prosperity is unclear. There is evidence that happiness is a cause of good health, both directly through influencing behavior and the immune system , and indirectly through social relationships, work ...
"The demand for health after a decade." Journal of Health Economics 1, no. 1 (1982): 1-3. Grossman, Michael. "The demand for health, 30 years later: a very personal retrospective and prospective reflection." Journal of Health Economics 23, no. 4 (2004): 629-636. Grossman, Michael. Demand for Health: A Theoretical and Empirical Investigation.
Keynesian economics advocates the use of automatic and discretionary countercyclical policies to lessen the impact of the business cycle. One example of an automatically countercyclical fiscal policy is progressive taxation. By taxing a larger proportion of income when the economy expands, a progressive tax tends to decrease demand when the ...
Health can be considered a capital good; health capital is part of human capital as defined by the Grossman model. [30] Health can be considered both an investment good and consumption good. [31] Factors such as obesity and smoking have negative effects on health capital, while education, wage rate, and age may also impact health capital. [31]
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers.