Is health care really a luxury?

Article Abstract:

A study examined the correlation between health spending and income growth of countries in the context of long-run equilibrium and non-stationary time series. The study showed pooling restrictions in estimation functions provide no concrete evidence to support equality between income elasticities and health spending trends. The study also showed the importance of confounding time trends and real income effects, data time series structure and income-affecting country conditions in determining per capita health care spending.

Research, Models, Analysis, Medical economics, Econometrics, Medical care, Cost of, Health care costs, Elasticity (Economics)

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The determinants of health care expenditure: a cointegration approach

Article Abstract:

Studies examining the determinants of aggregate health care expenditure (HCE) indicate a strong and positive correlation between national income and national expenditure on health care. The possibility of a positive correlation between HCE and GDP in a standard time series model of the macroeconomic demand for health care is examined. Findings show that the standard model may be misspecified due to the selected functional form, the exclusion of supply-side influences and the restrictions on the variables.

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