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I teach health economics, which is about the application of economic concepts to matters of health, healthcare, and healthcare insurance. But, to what extent can we apply economics to matters of life and limb? Some think that whenever somebody’s life is at stake, it is unethical to think of costs, and thus “health” and “economics” sit very awkwardly with each other. However, if we ignore opportunity costs, then efficiency would be compromised and we would achieve less health overall. At the same time, most of us want a health care system that is not just efficient, but also equitable. Health economics enables the analysis of health care systems in the light of efficiency, equity, or both.
In health economics, there are numerous issues that involve value judgements, with no easy right answers. Should we use monetary valuation of health to analyse the efficiency of different drugs? Should health policy aim to maximise health or to maximise more general wellbeing? Should we forego any efficiency in order to improve equity in health outcomes? My approach to teaching is to encourage students to take an informed view on such issues, and then to defend these views (which may not agree with mine!).
In health economics, there are numerous issues that involve value judgements, with no easy right answers. Should we use monetary valuation of health to analyse the efficiency of different drugs? Should health policy aim to maximise health or to maximise more general wellbeing? Should we forego any efficiency in order to improve equity in health outcomes? My approach to teaching is to encourage students to take an informed view on such issues, and then to defend these views (which may not agree with mine!).
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Integrated healthcare journalno. 1 (2022): e000092-e000092
JOURNAL OF THE ROYAL STATISTICAL SOCIETY SERIES A-STATISTICS IN SOCIETYno. Supplement_2 (2022)
Frontiers in health services (2022): 848087
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