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      Dynamic Interactions Between Health, Human Capital and Wealth

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          Abstract

          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.

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          Author and article information

          Journal
          Academicus : International Scientific Journal
          Academicus Journal
          01 March 2018
          : MMXVIII
          : 17
          : 122-145
          Article
          0775d40e53d84597b10da339179eb830
          10.7336/academicus.2018.17.09

          Distributed under the terms of the https://creativecommons.org/licenses/by-nc-nd/4.0/, which permits noncommercial use and distribution in any medium, provided the original author(s) and source are credited, and the original work is not modified.

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          Categories
          Social Sciences
          H
          Economics as a science
          HB71-74

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