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2018 | 17 | 122-145

Article title

Dynamic Interactions Between Health, Human Capital and Wealth

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Abstracts

EN
This paper proposes a dynamic economic model with health, human capital and wealth accumulation with elastic labor supply. The economic system consists of one industrial, one health, and one education sector. Our model is a synthesis of four main models in economic theory: Solow’s one-sector neoclassical growth mode, the Uzawa-Lucas two sector model, Arrow’s learning by doing model, and Grossman’s growth model with health. The model also includes Zhang’s idea about creative leisure or learning by consuming. Demand and supply of health service and education are determined by market mechanism. The model describes dynamic interdependence among wealth, health, human capital, economic structure, and time distribution among work, health caring, and education under perfect competition. We simulate the model and examine effects of changes in the propensity to consume health caring, the efficiency of producing health caring, the propensity to receive education, and the propensity to save.

Year

Issue

17

Pages

122-145

Physical description

Dates

published
2018

Contributors

author

References

Document Type

Publication order reference

Identifiers

Biblioteka Nauki
1037392

YADDA identifier

bwmeta1.element.ojs-issn-2079-3715-year-2018-issue-17-article-1dd68637-6f41-3137-a8ce-e5b42c5c2d2e
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