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Persistent link: https://www.econbiz.de/10003742886
In a recent paper I argued that Baumol's (1967) model of "unbalanced growth" offers a ready explanation for the observed secular rise in health care expenditure (HCE) in rich countries (HARTWIG 2006). Baumol's model implies that HCE is driven by wage increases in excess of productivity growth. I...
Persistent link: https://www.econbiz.de/10003764083
A large body of both theoretical and empirical literature has affirmed a positive impact of human capital accumulation in the form of health on economic growth. Yet Baumol (1967) has presented a model in which imbalances in productivity growth between a "progressive" (manufacturing) sector and a...
Persistent link: https://www.econbiz.de/10003768974
The share of health care expenditure in GDP rises rapidly in virtually all OECD countries, causing increasing concern among politicians and the general public. Yet, economists have to date failed to reach an agreement on what the main determinants of this development are. This paper revisits...
Persistent link: https://www.econbiz.de/10003348678
Nordhaus (2008) has developed a testing strategy for what he calls "Baumol's diseases", by which name he designates a number of by-products of structural change that are unwanted from an economic policy perspective. He finds that the U.S. economy is strongly affected by the "diseases". This...
Persistent link: https://www.econbiz.de/10008728699
Against the backdrop of Baumol's model of "unbalanced growth", a recent strand of literature has presented models that manage to reconcile structural change with Kaldor's "stylized fact" of the relative constancy of per-capita GDP growth. Another strand of literature goes beyond this, arguing...
Persistent link: https://www.econbiz.de/10008729025
Persistent link: https://www.econbiz.de/10009011199
Der Beitrag verwendet das Modell des "unbalancierten Wachstums" von Baumol (1967), um zu zeigen, dass sich ökonomische Probleme reifer Volkswirtschaften - wie die Abschwächung des Wirtschaftswachstums, der Anstieg der Staatsquote und die "Kostenexplosion" im Gesundheitswesen - zwar erklären,...
Persistent link: https://www.econbiz.de/10003289359
Persistent link: https://www.econbiz.de/10009125404
Der Beitrag verwendet das Modell des unbalancierten Wachstums von Baumol (1967), um zu zeigen, dass sich ökonomische Probleme reifer Volkswirtschaften - wie die Abschwächung des Wirtschaftswachstums, der Anstieg der Staatsquote und die Kostenexplosion im Gesundheitswesen - zwar erklären, aber...
Persistent link: https://www.econbiz.de/10010285914