World health expenditure as share of global GDP.[1]How much did the UK spend on healthcare in 2012?
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Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. Health economics is important in determining how to improve health outcomes and lifestyle patterns through interactions between individuals, healthcare providers and clinical settings.[2] In broad terms, health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking, diabetes, and obesity.[citation needed]
One of the biggest difficulties regarding healthcare economics is that it does not follow normal rules for economics. Price and quality are often hidden by the third-party payer system of insurance companies and employers. Additionally, QALYs (Quality Adjusted Life Years), one of the most commonly used measurements for treatments, is very difficult to measure and relies upon assumptions that are often unreasonable.[3]
A seminal 1963 article by Kenneth Arrow is often credited with giving rise to health economics as a discipline. His theory drew conceptual distinctions between health and other goods.[4] Factors that distinguish health economics from other areas include extensive government intervention, intractable uncertainty in several dimensions, asymmetric information, barriers to entry, externality and the presence of a third-party agent.[5] In healthcare, the third-party agent is the patient's health insurer, who is financially responsible for the healthcare goods and services consumed by the insured patient.[citation needed]
Health economists evaluate multiple types of financial information: costs, charges and expenditures.[citation needed]
Uncertainty is intrinsic to health, both in patient outcomes and financial concerns. The knowledge gap that exists between a physician and a patient creates a situation of distinct advantage for the physician, which is called asymmetric information.[citation needed]
Externalities arise frequently when considering health and health care, notably in the context of the health impacts as with infectious disease or opioid abuse. For example, making an effort to avoid catching the common cold affects people other than the decision maker[6][7][8]: vii–xi [9] or finding sustainable, humane and effective solutions to the opioid epidemic.
^"World Health Expenditure as Share of Global GDP". Our World in Data. Retrieved 5 March 2020.
^Howard, Brandon; Health, JH Bloomberg School of Public. "What Is Health Economics?". Johns Hopkins Bloomberg School of Public Health. Retrieved 25 February 2020.
^Johnson, F. Reed; Scott, Frank I.; Reed, Shelby D.; Lewis, James D.; Bewtra, Meenakshi (June 2019). "Comparing the Noncomparable: The Need for Equivalence Measures That Make Sense in Health-Economic Evaluations". Value in Health. 22 (6): 684–692. doi:10.1016/j.jval.2019.03.011. PMID 31198186.
^Arrow, Kenneth (1963). "Uncertainty and the Welfare Economics of Medical Care". The American Economic Review. 53 (5): 941–973. JSTOR 1812044.
^Phelps, Charles E. (2003), Health Economics (3rd ed.), Boston: Addison Wesley, ISBN 978-0-321-06898-9 Description and 2nd ed. preview.
^Fuchs, Victor R. (1987). "health economics". The New Palgrave: A Dictionary of Economics. Vol. 2. pp. 614–19.
^Fuchs, Victor R. (1996). "Economics, Values, and Health Care Reform" (PDF). American Economic Review. 86 (1): 1–24. PMID 10168326. Archived from the original (PDF) on 14 July 2007.
^Fuchs, Victor R. (1998) [1974]. Who Shall Live? Health, Economics, and Social Choice. ISBN 9789810232016.
^Wolfe, Barbara (2008). "health economics". The New Palgrave Dictionary of Economics, 2nd Edition. Abstract & TOC.
Healtheconomics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption...
HealthEconomics is a monthly peer-reviewed academic journal published by John Wiley & Sons, covering the subject of healtheconomics. It was established...
Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses...
complications. A simple outline of the health sector in three areas provides an "onion model of health care economics" by Elke Dahlbeck and Josef Hilbert[full...
This is a list of important publications in economics, organized by field. Some basic reasons why a particular publication might be regarded as important:...
The HealthEconomics Unit (Bengali: স্বাস্থ্য অর্থনীতি ইউনিট) is a Bangladesh government regulatory agency under the Ministry of Health and Family Welfare...
of HealthEconomics is a peer-reviewed academic journal that publishes articles about healtheconomics and related fields concerning human health care...
and Contoyannis, Paul. The Dynamics of Health in Jones, Andrew M., ed. The Elgar companion to healtheconomics. Edward Elgar Publishing, 2012. p15 Grossman...
(2013). The economics of health and health care. (7th ed.). Upper Saddle River: Pearson Education. "The Promise of Telehealth For Hospitals, Health Systems...
social sciences such as economics, sociology, anthropology, political science, public health and epidemiology. The Commission on Health Research for Development...
of health services are all relevant. Other important sub-fields include environmental health, community health, behavioral health, healtheconomics, public...
education economics, engineering economics, financial economics, healtheconomics, monetary economics, public economics, and economic history. From the...
typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health. It typically treats...
Health care, or healthcare, is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and...
to shape scholars interested in population, public health and healtheconomics. M.A. ( Economics ) This programme is designed for careers in different...
ISPOR—The Professional Society for HealthEconomics and Outcomes Research, also known as ISPOR (and formerly as the International Society for Pharmacoeconomics...
Health Prosperity#Synergistic notions of prosperity Savanna principle Socioeconomic status#Health Sociology of health and illness Health in Mali Social...
The Office of HealthEconomics (OHE) is a research and consultancy company and registered charity based in London. The OHE was founded in 1962, making...
1947) is an Austrian university professor, expert in insurance and healtheconomics, triple doctor of science, honorary president of the Olympic Leadership...
care reform HealtheconomicsHealth equity Health insurance Health Insurance Innovations Health law Health promotion Journal of Public Health Policy Medical...
other social institutional structures, health systems are likely to reflect the history, culture and economics of the states in which they evolve. These...
Health surveillance may refer to: Public health surveillance Workplace health surveillance This article includes a list of related items that share the...
Journal of HealthEconomics is a bimonthly peer-reviewed academic journal covering healtheconomics. It was established in 2000 as HealthEconomics in Prevention...
their total expenditure on health per capita. Total expenditure includes both public and private expenditures. See also: Health spending as percent of gross...
areas of public health. Because of the key role played by public health practitioners in the NHS a UK MPH also often includes healtheconomics. Degrees that...