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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.
Keywords:
health; human capital; wealth accumulation; economic structure
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The article's content ©Academicus™ Dynamic Interactions Between Health, Human Capital and Wealth
by
Prof.Dr. Wei Bin Zhang
is licensed under a Creative Commons
Attribution-NonCommercial 4.0 International License.
Presented:
July 2017
Included for Publishing:
December 2017
Published:
January 2018,
Volume 9,
Issue 17
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