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Introducing Health Economics

Introducing Health Economics. Economics, Health and Health Economics Key Economic Concepts Exercise Seminar Allocation. Economics, Health and Health Economics. 1. What is “Economics”? 2. What is “Health”? 3. What is “Health Economics”?. What is “Economics”?. Economics is …

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Introducing Health Economics

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  1. Introducing Health Economics • Economics, Health and Health Economics • Key Economic Concepts • Exercise • Seminar Allocation

  2. Economics, Health and Health Economics 1. What is “Economics”? 2. What is “Health”? 3. What is “Health Economics”?

  3. What is “Economics”? Economics is … • concerned with money? • the same as accountancy? • only practised by economists? • objective?

  4. Economics in a nutshell • Resources are scarce • What we “want” is unlimited • Therefore involves “choice” • Max. bens/min. resources = efficiency

  5. Pessimist: bottle ½ empty Optimist: bottle ½ full Economist: bottle ½ wasted inefficient!

  6. Economics and Money ECONOMICS = costs (resource use) benefits choice efficiency MONEY = store of value means of exchange

  7. Economics  Accountancy ECONOMICS = costs (resource use) benefits choice efficiency ACCOUNTANCY = monitor of financial transactions

  8. Only Economists Practice Economics? ECONOMICS = costs (resource use) benefits CHOICE efficiency Weigh-up relative benefits of each course of action and choose the action which maximises well-being.

  9. Economics  Objective All decisions are based on subjective value judgements. Economics makes these explicit.

  10. Topic Versus Discipline TOPIC = area of study DISCIPLINE = conceptual apparatus Health economics is the discipline of economics applied to the topic of health.

  11. What is “Health”? World Health Organisation: Health is a “state of complete physical, mental and social well-being “Health Economics” is often “Health Care” Economics.

  12. Task of Economics Descriptive = quantification Predictive = identify impact of change Evaluative = relative preference over situations

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