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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 ...
The concept is often encountered in the context of a government's approach to spending and taxation. A 'procyclical fiscal policy' can be summarised simply as governments choosing to increase government spending and reduce taxes during an economic expansion, but reduce spending and increase taxes during a recession.
Anti-consumerism is concerned with the actions of individuals, as well as businesses where they act in pursuit of financial and economic goals at the expense of the perceived public good. Commonly, anti-consumerism is connected with concern for environmental protection , anti-globalization , and animal-rights .
Keynesians therefore advocate an active stabilization policy to reduce the amplitude of the business cycle, which they rank among the most serious of economic problems. According to the theory, government spending can be used to increase aggregate demand, thus increasing economic activity, reducing unemployment and deflation.
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]
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
Conversely, economic instability, unemployment, and poverty are associated with higher rates of chronic diseases, mental health disorders, and overall poorer health status. According to Child Welfare League of America (CWLA), Economic stability is described as the ability to obtain the resources that is necessary to one's life and well-being.
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.