#health economics
Health economics has been a field of economics that draws great interest since the publication of Kenneth J. Arrow’s article, “Uncertainty and the Welfare Economics of Medical Care” in 1963. In neoclassical economics, human capital is perceived to be one of the major determinants of long-term economic growth. Education and healthcare play a key role in the formation of human capital. Without healthy labor, the production process is severely obstructed. The degradation of the general health also has negative implications…
