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Health, growth and welfare: a theoritical appraisal of the long run impact of medical R&D

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  • Bosi, Stefano
  • Laurent, Thierry

Abstract

This paper aims at providing a simple economic framework to address the question of the optimal share of investments in medical R&D in total public spending. In order to capture the long-run impact of tax-financed medical R&D on the growth rate, we develop an endogenous growth model in the spirit of Barro [1990]. The model focuses on the optimal sharing of public resources between consumption and (non-health) investment, medical R&D and other health expenditures. It emphasizes the key role played by the public health-related R&D in enhancing economic growth and welfare in the long run.

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File URL: http://mpra.ub.uni-muenchen.de/33789/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33789.

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Date of creation: 06 Aug 2011
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Handle: RePEc:pra:mprapa:33789

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Keywords: Public health ; Medical R&D; Public spending; Endogenous growth;

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  1. Giancarlo Corsetti & Nouriel Roubini, 1996. "Optimal Government Spending and Taxation in Endgenous Growth Models," NBER Working Papers 5851, National Bureau of Economic Research, Inc.
  2. repec:ebl:ecbull:v:5:y:2003:i:14:p:1-10 is not listed on IDEAS
  3. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  4. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages S103-26, October.
  5. Peter J. Klenow & Andres Rodriguez-Clare, 2004. "Externalities and Growth," NBER Working Papers 11009, National Bureau of Economic Research, Inc.
  6. David N. Weil, 2007. "Accounting for The Effect of Health on Economic Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 122(3), pages 1265-1306, 08.
  7. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, American Economic Association, vol. 79(4), pages 655-73, September.
  8. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 568, China Economics and Management Academy, Central University of Finance and Economics.
  9. Abigail Barr, 1995. "The missing factor: entrepreneurial networks, enterprises and economic growth in Ghana," CSAE Working Paper Series 1995-11, Centre for the Study of African Economies, University of Oxford.
  10. Hosoya, Kei, 2003. "Tax Financed Government Health Expenditure and Growth with Capital Deepening Externality," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 153, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  11. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  12. van Zon, Adriaan & Muysken, Joan, 2001. "Health and endogenous growth," Journal of Health Economics, Elsevier, Elsevier, vol. 20(2), pages 169-185, March.
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