Dynamic Interactions Between Health, Human Capital and Wealth
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 neoclas...
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2018
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oai:doaj.org-article:0775d40e53d84597b10da339179eb8302021-12-02T19:12:00ZDynamic Interactions Between Health, Human Capital and Wealth2079-37152309-108810.7336/academicus.2018.17.09https://doaj.org/article/0775d40e53d84597b10da339179eb8302018-01-01T00:00:00Z http://www.academicus.edu.al/nr17/Academicus-MMXVIII-17-122-145.pdf https://doaj.org/toc/2079-3715https://doaj.org/toc/2309-1088This 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.Wei-Bin ZhangAcademicusarticlehealth; human capital; wealth accumulation; economic structureSocial SciencesHEconomics as a scienceHB71-74ENAcademicus International Scientific Journal, Vol MMXVIII, Iss 17, Pp 122-145 (2018) |
| institution |
DOAJ |
| collection |
DOAJ |
| language |
EN |
| topic |
health; human capital; wealth accumulation; economic structure Social Sciences H Economics as a science HB71-74 |
| spellingShingle |
health; human capital; wealth accumulation; economic structure Social Sciences H Economics as a science HB71-74 Wei-Bin Zhang Dynamic Interactions Between Health, Human Capital and Wealth |
| description |
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. |
| format |
article |
| author |
Wei-Bin Zhang |
| author_facet |
Wei-Bin Zhang |
| author_sort |
Wei-Bin Zhang |
| title |
Dynamic Interactions Between Health, Human Capital and Wealth |
| title_short |
Dynamic Interactions Between Health, Human Capital and Wealth |
| title_full |
Dynamic Interactions Between Health, Human Capital and Wealth |
| title_fullStr |
Dynamic Interactions Between Health, Human Capital and Wealth |
| title_full_unstemmed |
Dynamic Interactions Between Health, Human Capital and Wealth |
| title_sort |
dynamic interactions between health, human capital and wealth |
| publisher |
Academicus |
| publishDate |
2018 |
| url |
https://doaj.org/article/0775d40e53d84597b10da339179eb830 |
| work_keys_str_mv |
AT weibinzhang dynamicinteractionsbetweenhealthhumancapitalandwealth |
| _version_ |
1718377035713216512 |