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Health and Development: A Neoclassical Perspective

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  • Casper Worm Hansen

Abstract

Previous research establishes that the rise in life expectancy during the second half of the twentieth century led to larger, but not wealthier, populations. In terms of the neoclassical growth theory, these findings indicate that the potential positive effects of health on human capital and productivity (TFP) are limited. The current paper decomposes this corollary. Specifically, it demonstrates that life expectancy promotes human capital skills, which, according to the neoclassical theory, suggests that the TFP elasticity with respect to health is close to zero.

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  • Casper Worm Hansen, 2013. "Health and Development: A Neoclassical Perspective," Journal of Human Capital, University of Chicago Press, vol. 7(3), pages 274-295.
    • Handle: RePEc:ucp:jhucap:doi:10.1086/674076
    DOI: 10.1086/674076
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    References listed on IDEAS

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    1. Aiyar, Shekhar & Dalgaard, Carl-Johan, 2009. "Accounting for productivity: Is it OK to assume that the world is Cobb-Douglas?," Journal of Macroeconomics, Elsevier, vol. 31(2), pages 290-303, June.
    2. Daron Acemoglu & Simon Johnson, 2007. "Disease and Development: The Effect of Life Expectancy on Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 925-985, December.
    3. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
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    Cited by:

    1. Hansen, Casper Worm, 2014. "Cause of death and development in the US," Journal of Development Economics, Elsevier, vol. 109(C), pages 143-153.
    2. Isaac Ehrlich & Yong Yin, 2013. "Equilibrium Health Spending and Population Aging in a Model of Endogenous Growth: Will the GDP Share of Health Spending Keep Rising?," Journal of Human Capital, University of Chicago Press, vol. 7(4), pages 411-447.
    3. Masagus M. Ridhwan & Peter Nijkamp & Affandi Ismail & Luthfi M.Irsyad, 2022. "The effect of health on economic growth: a meta-regression analysis," Empirical Economics, Springer, vol. 63(6), pages 3211-3251, December.
    4. Casper Worm Hansen & Lars Lønstrup, 2015. "The Rise in Life Expectancy and Economic Growth in the 20th Century," Economic Journal, Royal Economic Society, vol. 0(584), pages 838-852, May.
    5. Philipp Ager & Casper Worm Hansen & Peter Sandholt Jensen, 2018. "Fertility and Early-Life Mortality: Evidence from Smallpox Vaccination in Sweden," Journal of the European Economic Association, European Economic Association, vol. 16(2), pages 487-521.
    6. Casper Worm Hansen & Holger Strulik, 2017. "Life expectancy and education: evidence from the cardiovascular revolution," Journal of Economic Growth, Springer, vol. 22(4), pages 421-450, December.

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