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Health economics is important in determining how to improve health outcomes and lifestyle patterns through interactions between individuals, healthcare providers and clinical settings. [2] In broad terms, health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking, diabetes, and obesity.
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, [1] life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health.
This study sought to estimate income, money price, and time price elasticities of demand for medical care. [7] [8] Another important study was the Oregon Health Insurance in the late 2000s and also estimated the role of public health provision on healthcare demand and was led by Katherine Baicker and Amy Finkelstein. [9]
The value of statistical life (VSL) estimates are often used in the transport sector [16] and in process safety (where it may be coupled with the ALARP concept). [4] In health economics and in the pharmaceutical sector, however, the value of a quality-adjusted life-year (QALY) is used more often than the VSL. Both of these measures are used in ...
Applied microeconomics includes a range of specialized areas of study, many of which draw on methods from other fields. Economic history examines the evolution of the economy and economic institutions, using methods and techniques from the fields of economics, history, geography, sociology, psychology, and political science.
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought.
The concept of human development expands upon the notion of economic development to include social, political and even ethical dimensions.Since the mid-twentieth century, international organisations such as the United Nations and the World Bank have adopted human development as a holistic approach to evaluating a country’s progress that considers living conditions, social relations ...
Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. [33]