Health and Economic Growth: Reconciling the Micro and Macro Evidence / David E. Bloom, David Canning, Rainer Kotschy, Klaus Prettner, Johannes J. Schünemann.

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Bloom, David E

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w26003.Publication details: Cambridge, Mass. National Bureau of Economic Research 2019.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: Economists use micro-based and macro-based approaches to assess the effects of health on economic growth. The micro-based approach tends to find smaller effects than the macro-based approach, thus presenting a micro-macro puzzle regarding the economic return on health. We reconcile these two strands of literature by showing that the point estimate of the macroeconomic effect of health is quantitatively close to that found by aggregating the microeconomic effects, when carefully specifying the estimation equations and controlling for spillovers of health at the aggregate level. Our results justify using the micro-based approach to estimate the direct economic benefits of health interventions.

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June 2019.

Economists use micro-based and macro-based approaches to assess the effects of health on economic growth. The micro-based approach tends to find smaller effects than the macro-based approach, thus presenting a micro-macro puzzle regarding the economic return on health. We reconcile these two strands of literature by showing that the point estimate of the macroeconomic effect of health is quantitatively close to that found by aggregating the microeconomic effects, when carefully specifying the estimation equations and controlling for spillovers of health at the aggregate level. Our results justify using the micro-based approach to estimate the direct economic benefits of health interventions.