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The Influence of Health on Gross Domestic Product and National Income

Anna Vittoria Mattioli, Matteo Ballerini Puviani

Abstract


It is beyond question how the Gross Domestic Product (GDP) and the other National Income and Product Accounts (NIPA) have been groundbreaking in the economic studies and researches of the last century, nevertheless they are often targets of criticism as a result of their failure in including non-market activities in their estimates. Since the beginning of the last century the technophysio evolution has enabled a fivefold increase of the average retirement period, an increase of seven times of the portion of individuals who lives to retire and a fourfold increase of the leisure time of those who are still in the labor force.

 The present paper try to compare the works of two distinguished scholars, Robert William Fogel and William Dobney Nordhaus, who both believed that health improvements have influenced our economic growth in the past and it will affect our lives in the future. First, we have explained the “technophisyo” evolution from the nineteenth century until now using the concepts researched by R.W. Fogel and other scholars. Then, we reported the estimates of health income.

 


Keywords


health cost; gross domestic product; national income

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References


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