• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Market failures
        • Failures related to information
        • Failures related to the role of supplier agents
        • Failures related to uncertainty
      • The demand for health
      • Income and health. estimating the relationship
      • Insurance
      • The demand for medical care
      • Measuring health outcomes
      • Measurement issues in evaluating policy
      • Quality issues in evaluating care
      • Supply side issues
        • Providers
        • Hospitals
        • Managed competition
      • The economics of disability
    • See Also
    • Bibliography
    • How to cite this article

health economics

Barbara Wolfe
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Health care expenditures form an ever-increasing burden in most developed countries, especially the United States, where they accounted for 16.0 per cent of GDP in 2004, up from 5.1 per cent of GDP in 1960. These cost increases alone suggest that health economics is a dynamic field of economic research, but the importance and the interest of the field are driven by broader considerations. This article delineates important market failures and research issues in health and health care, the relationship between income and health, methodological issues in the measurement of health, and quality issues in the measurement of health care.
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Keywords

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Article

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See Also

Thanks to Rashi Fein, Robert Haveman, John Mullahy, Nathan Tefft and Jason Fletcher for helpful suggestions.
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How to cite this article

Wolfe, Barbara. "health economics." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 22 July 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_H000031> doi:10.1057/9780230226203.0713

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