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Health State of Human Capital in the Economic Theory

Author

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  • Iuliana Claudia Mihalache

    (Alexandru Ioan Cuza University of Iasi, Romania)

Abstract

The importance of human capital for economic well-being is historic. Theories show that people's development is the basis for the sustainable growth of the economy. The state of health of the population has always influenced the economic state and was also influenced by the economy; thus, in the context of a precarious economy, lack of food and low levels of living lead to various diseases, as in France, eighteenth century to the revolution of 1789, there have been 30 years of famine and disease caused by lack of food, which has stagnated economic evolution. Thus, the topic of actuality, regarding the field of economic growth and the increasing integration of human health in this process, are the premises of a complex analysis of an interdisciplinary approach. The importance of the topic is derived from understanding the health of human capital as a resource for the development of society and not as a resource consumer while understanding the role of the individual decision in managing their health. Beyond the individual perspective on health, its subjective perception and individual decision-making for the choice of behavior that maximizes health, the state can be an important factor in ensuring the functioning of national health systems. The main objective of this paper is to identify, based on the specialized literature consulted on the impact of human capital and, in particular, its health, on economic growth, by analyzing the ways and the factors by which human capital influences economic activity.

Suggested Citation

  • Iuliana Claudia Mihalache, 2019. "Health State of Human Capital in the Economic Theory," Postmodern Openings, Editura Lumen, Department of Economics, vol. 10(4), pages 182-192, December.
    • Handle: RePEc:lum:rev3rl:v:10:y:2019:i:4:p:182-192
    DOI: https://doi.org/10.18662/po/102
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    References listed on IDEAS

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    1. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
    2. Wagstaff, Adam, 1986. "The demand for health : Some new empirical evidence," Journal of Health Economics, Elsevier, vol. 5(3), pages 195-233, September.
    3. Ehrlich, Isaac & Chuma, Hiroyuki, 1990. "A Model of the Demand for Longevity and the Value of Life Extension," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 761-782, August.
    4. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
    5. Gary S. Becker, 1994. "Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, Third Edition," NBER Books, National Bureau of Economic Research, Inc, number beck94-1, March.
    6. Titus Galama, 2011. "A Contribution to Health Capital Theory," Working Papers WR-831, RAND Corporation.
    7. Jerik Hanushek & Dennis Kimko, 2006. "Schooling, Labor-force Quality, and the Growth of Nations," Voprosy obrazovaniya / Educational Studies Moscow, National Research University Higher School of Economics, issue 1, pages 154-193.
    8. Selma J. Mushkin, 1962. "Health as an Investment," NBER Chapters, in: Investment in Human Beings, pages 129-157, National Bureau of Economic Research, Inc.
    9. Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571-571.
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    11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. Robert Stefko & Beata Gavurova & Viera Ivankova & Martin Rigelsky, 2020. "Gender Inequalities in Health and Their Effect on the Economic Prosperity Represented by the GDP of Selected Developed Countries—Empirical Study," IJERPH, MDPI, vol. 17(10), pages 1-26, May.
    2. U. Y. Abdur Rahman, 2020. "Utilization of Indonesia’s Digital Economy to Invest in Human Capital and Provide Socio-Economic Support to Stimulate Economic Growth," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 6(6), pages 312-322.

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    More about this item

    Keywords

    economic theory; health; human capital; economic growth;
    All these keywords.

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate

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