The Fogel Approach to Health and Growth
AbstractAccording to Robert Fogel (1994a, 1994b), nutrition is the driving force for the increase in health human capital, which in turn has significantly promoted economic growth in the long run. In this paper, we take Fogel¡¯s finding to extend the standard Ramsey model by including the effect of consumption on nutrition and health human capital formation. It is demonstrated that there exist multiple equilibria in the modified Ramsey model with a subsistence level of consumption. That is to say, different countries may end up with different levels of long-run consumption, nutrition, health human capital, and physical capital.
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Bibliographic InfoPaper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 520.
Length: 33 pages
Date of creation: 2011
Date of revision:
Health Human Capital; Consumption; Economic Growth; Poverty Trap;
Find related papers by JEL classification:
- D99 - Microeconomics - - Intertemporal Choice - - - Other
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- I12 - Health, Education, and Welfare - - Health - - - Health Production
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-01 (All new papers)
- NEP-FDG-2011-10-01 (Financial Development & Growth)
- NEP-HEA-2011-10-01 (Health Economics)
- NEP-HRM-2011-10-01 (Human Capital & Human Resource Management)
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