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Health and Development: A Neoclassical Perspective

Casper Worm Hansen
Journal of Human Capital
Vol. 7, No. 3 (Fall 2013), pp. 274-295
DOI: 10.1086/674076
Stable URL: http://www.jstor.org/stable/10.1086/674076
Page Count: 22
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Health and Development: A Neoclassical Perspective
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Abstract

Previous research establishes that the rise in life expectancy during the second half of the twentieth century led to larger, but not wealthier, populations. In terms of the neoclassical growth theory, these findings indicate that the potential positive effects of health on human capital and productivity (TFP) are limited. The current paper decomposes this corollary. Specifically, it demonstrates that life expectancy promotes human capital skills, which, according to the neoclassical theory, suggests that the TFP elasticity with respect to health is close to zero.

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