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Public expenditure on health, economic growth and elasticity of substitution: Results for the Spanish economy, 1985-2003

Author

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  • Jesús López-Rodríguez
  • Miguel Muñoz
  • Pablo César Muñoz

Abstract

This paper analyzes the effect that government expenditure on health has on economicgrowth by estimating the elasticity of substitution for a CES production function in the Spanish economy during the period 1985-2003. Our results show that the higher the efforts of public administrations in providing greater public health coverage the higher the elasticity of substitution between production factors will be, and consequently this will benefit economic growth.

Suggested Citation

  • Jesús López-Rodríguez & Miguel Muñoz & Pablo César Muñoz, 2009. "Public expenditure on health, economic growth and elasticity of substitution: Results for the Spanish economy, 1985-2003," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 70, pages 63-84.
  • Handle: RePEc:lde:journl:y:2009:i:70:p:63-84
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    Keywords

    Economic Growth; Elasticity of Substitution; CES Production Function; Public Expenditure on Health;

    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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