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      Dynamic Interactions Between Health, Human Capital and Wealth

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      Academicus International Scientific Journal
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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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          Most cited references39

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          Job Market Signaling

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            On the mechanics of economic development

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              On the Concept of Health Capital and the Demand for Health

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                Author and article information

                Contributors
                (View ORCID Profile)
                Journal
                Academicus International Scientific Journal
                Academicus Journal
                20793715
                23091088
                March 2018
                March 2018
                : 17
                : 122-145
                Affiliations
                [1 ]Ritsumeikan Asia Pacific University, Japan
                Article
                10.7336/academicus.2018.17.09
                122ff287-685c-4810-bc14-f486540e7f6f
                © 2018

                https://creativecommons.org/licenses/by-nc-nd/4.0/

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