Hostname: page-component-7c8c6479df-5xszh Total loading time: 0 Render date: 2024-03-18T03:55:24.735Z Has data issue: false hasContentIssue false

Health care and the future of economic growth: exploring alternative perspectives

Published online by Cambridge University Press:  05 November 2019

Martin Hensher*
Affiliation:
Deakin Health Economics, Deakin University, Building BC3, 221 Burwood Highway, Burwood, VIC3125, Australia
John Tisdell
Affiliation:
Tasmanian School of Business and Economics, University of Tasmania, Private Bag 84, HobartTAS7001, Australia
Ben Canny
Affiliation:
School of Medicine, University of Tasmania, Private Bag 34, HobartTAS7000, Australia
Craig Zimitat
Affiliation:
Curtin Learning and Teaching, Curtin University, PerthWA6150, Australia
*
*Corresponding author. Email: martin.hensher@deakin.edu.au

Abstract

The strong and positive relationship between gross domestic product (GDP) and health expenditure is one of the most extensively explored topics in health economics. Since the global financial crisis, a variety of theories attempting to explain the slow recovery of the global economy have predicted that future economic growth will be slower than in the past. Others have increasingly questioned whether GDP growth is desirable or sustainable in the long term as evidence grows of humanity's impact on the natural environment. This paper reviews recent data on trends in global GDP growth and health expenditure. It examines a range of theories and scenarios concerning future global GDP growth prospects. It then considers the potential implications for health care systems and health financing policy of these different scenarios. In all cases, a core question concerns whether growth in GDP and/or growth in health expenditure in fact increases human health and well-being. Health care systems in low growth or ‘post-growth’ futures will need to be much more tightly focused on reducing overtreatment and low value care, reducing environmental impact, and on improving technical and allocative efficiency. This will require much more concerted policy and regulatory action to reduce industry rent-seeking behaviours.

Type
Articles
Copyright
Copyright © Cambridge University Press 2019

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Acemoglu, D, Finkelstein, A and Notowidigdo, MJ (2012) Income and health spending: evidence from oil price shocks. Review of Economics and Statistics 95, 10791095. doi: 10.1162/REST_a_00306.CrossRefGoogle Scholar
Andalo, D (2019) Leading AMR expert calls for state-funded research into new antibiotics. Royal Pharmaceutical Society, Last Modified 29 March 2019, accessed 4 May 2019. Available at https://www.pharmaceutical-journal.com/news-and-analysis/news-in-brief/leading-amr-expert-calls-for-state-funded-research-into-new-antibiotics/20206356.article?firstPass=false.Google Scholar
Arcand, JL, Berkes, E and Panizza, U (2015) Too much finance? Journal of Economic Growth 20, 105148. doi: 10.1007/s10887-015-9115-2.CrossRefGoogle Scholar
Arrow, K, Bolin, B, Costanza, R, Dasgupta, P, Folk, C, Holling, CS, Jansson, B-O, Levin, S, Maler, K-G, Perrings, C and Pimentel, D (1995) Economic growth, carrying capacity, and the environment. Ecological Economics 15, 9195.CrossRefGoogle Scholar
Arrow, K, Dasgupta, P, Goulder, L, Daily, G, Ehrlich, P, Heal, G, Levin, S, Maler, KG, Schneider, S, Starrett, D and Walker, B (2004) Are we consuming too much? Journal of Economic Perspectives 18, 147172. doi: 10.1257/0895330042162377.CrossRefGoogle Scholar
Baker, D, Jayadev, A and Stiglitz, JE (2017) Innovation, intellectual property and development: a better set of approaches for the 21st century. AccessIBSA.Google Scholar
Ball, L (2014) Long term damage from the great recession in OECD countries. European Journal of Economics and Economic Policies: Intervention 11, 149160.Google Scholar
Baranes, AI (2017) Financialization in the American pharmaceutical industry: a Veblenian approach. Journal of Economic Issues LI, 351-358.CrossRefGoogle Scholar
Beja, EL (2014) Income growth and happiness: reassessment of the Easterlin paradox. International Review of Economics 61, 329346.10.1007/s12232-014-0211-yCrossRefGoogle Scholar
Benatar, S (2016) Politics, power, poverty and global health: systems and frames. International Journal of Health Planning and Management 5, 599604. doi: 10.15171/ijhpm.2016.101.Google ScholarPubMed
Berwick, DM and Hackbarth, AD (2012) Eliminating waste in US health care. JAMA-Journal of the American Medical Association 307, 15131516. doi: 10.1001/jama.2012.362.Google ScholarPubMed
Bessen, J (2009) Estimates of patent rents from firm market value. Research Policy 38, 16041616.CrossRefGoogle Scholar
Bezemer, D and Hudson, M (2016) Finance is not the economy: reviving the conceptual distinction. Journal of Economic Issues L, 745-768. doi: 10.1080/00213624.2016.1210384.CrossRefGoogle Scholar
Bonaiuti, M (2017) Are we entering the age of involuntary degrowth? Promethean technologies and declining returns of innovation. Journal of Cleaner Production 197, 18001809.CrossRefGoogle Scholar
Booth, DE (1994) The macroeconomics of a steady-state. Review of Social Economy 52, 221.CrossRefGoogle Scholar
Bowen, A and Hepburn, C (2014) Green growth: an assessment. Oxford Review of Economic Policy 30, 407422.CrossRefGoogle Scholar
Brownlee, S, Chalkidou, K, Doust, J, Elshaug, AG, Glasziou, P, Heath, I, Nagpal, S, Saini, V, Srivastava, D, Chalmers, K and Korenstein, D (2017) Evidence for overuse of medical services around the world. The Lancet 390, 169177. doi: 10.1016/S0140-6736(16)32585-5.CrossRefGoogle ScholarPubMed
Buarque, C (1993) The End of Economics? Ethics and the Disorder of Progress. London: Zed Books.Google Scholar
Bureau of Economic Analysis (2019) Gross Domestic Product, First Quarter 2019 (Advanced Estimate). Accessed 26 April 2019.Google Scholar
Busse, R, Van Ginneken, E and Normand, C (2012) Re-examining the cost pressures on health systems. In Figueras, J and McKee, M (eds), Health Systems, Health, Wealth and Societal Well-Being: Assessing the Case for Investing in Health Systems. Maidenhead: Open University Press, pp. 3760.Google Scholar
Buttiglione, L, Lane, P, Reichlin, L and Reinhart, V (2014) Deleveraging? What deleveraging? Geneva, International Center for Monetary and Banking Studies.Google Scholar
Cecchetti, SG and Kharroubi, E (2012) Reassessing the impact of finance on growth. Basel: Bank for International Settlements.Google Scholar
Clark, AE, Frijters, P and Shields, MA (2008) Relative income, happiness and utility: an explanation for the Easterlin paradox and other puzzles. Journal of Economic Literature 46, 95144.CrossRefGoogle Scholar
Costello, A, Abbas, M, Allen, A, Ball, S, Bell, S, Bellamy, R, Friel, S, Groce, N, Johnson, A, Kett, M, Lee, M, Levy, C, Maslin, M, McCoy, D, McGuire, B, Montgomery, H, Napier, D, Pagel, C, Patel, J, de Oliveira, JAP, Redclift, N, Rees, H, Rogger, D, Scott, J, Stephenson, J, Twigg, J, Wolff, J and Patterson, C (2009) The Lancet Commissions: managing the health effects of climate change. Lancet and University College London Institute for Global Health Commission. The Lancet 373, 16931733. doi: 10.1016/S0140-6736(09)60935-1.CrossRefGoogle Scholar
Cowen, T (2013) Average is Over: Powering America Beyond the Age of the Great Stagnation. New York: Dutton.Google Scholar
Coyle, D (2014) GDP: A Brief but Affectionate History. Princeton, NJ: Princeton University Press.Google Scholar
CRP (2019) Lobbying by top health industries, 2018. Center for Responsive Politics, accessed 4 May 2019. Available at https://www.opensecrets.org/industries/indus.php?ind=H.Google Scholar
Dakin, H, Devlin, N, Feng, Y, Rice, N, O'Neill, P and Parkin, D (2015) The influence of cost-effectiveness and other factors on NICE decisions. Health Economics 24, 12561271.CrossRefGoogle ScholarPubMed
Daly, H (1977) Steady-state Economics: The Economics of Biophysical Equilibrium and Moral Growth. San Francisco: W.H. Freeman and Co.Google Scholar
Daly, H (2007) Limits to growth. In Daly, HE (ed.), Ecological Economics and Sustainable Development, Selected Essays of Herman Daly. Cheltenham, Gloucester: Edward Elgar, pp. 911.CrossRefGoogle Scholar
Dasgupta, P (2014) Sustainability and the determinants of personal consumption. In Southerton, D and Ulph, A (eds), Sustainable Consumption: Multidisciplinary Perspectives in Honour of Professor Sir Partha Dasgupta. Oxford: Oxford University Press, pp. 4387.CrossRefGoogle Scholar
Delli Gatti, D, Gallegati, M, Greenwald, BC, Russo, A and Stiglitz, JE (2012) Mobility constraints, productivity trends, and extended crises. Journal of Economic Behavior and Organization 83, 375393. doi: 10.1016/j.jebo.2012.03.011.CrossRefGoogle Scholar
Dieleman, J, Templin, T, Sadat, N, Reidy, P, Chapin, A, Foreman, K, Haakenstad, A, Evans, T, Murray, CJL and Kurowski, C (2016) National spending on health by source for 184 countries between 2013 and 2040. The Lancet 387, 25212535.CrossRefGoogle ScholarPubMed
Dieleman, J, Campbell, M, Chapin, A, Eldrenkamp, E, Fan, V, Haakenstad, A, Kates, J, Li, Z, Matyasz, T, Micah, A, Reynolds, A, Sadat, N, Schneider, M, Sorensen, R, Abbas, K, Abera, S, Kiadaliri, A, Ahmed, M, Alam, K, Alizadeh-Navaei, R, Alkerwi, A, Amini, E, Ammar, W, Antonio, CAT, Atey, TM, Avila-Burgos, L, Awasthi, A, Barac, A, Berheto, TM, Beyene, AS, Beyene, TJ, Birungi, C, Bizuayehu, HM, Breitborde, NJK, Cahuana-Hurtado, L, Castro, RE, Catalia-Lopez, F, Dalal, K, Dandona, L, Dandona, R, Dharmaratne, SD, Dubey, M, Faro, A, Feigl, AB, Fischer, F, Fitchett, JRA, Foigt, N, Giref, AZ, Gupta, R, Hamidi, S, Harb, HL, Hay, S, Hendrie, D, Horino, M, Jürisson, M, Jakovljevic, MB, Javanbakht, M, John, D, Jonas, JB, Karimi, SM, Khang, Y-H, Khubchandani, J, Kim, YJ, Kinge, JM, Krohn, KJ, Kumar, GA, Leung, R, El Razek, HMA, El Razek, MMA, Majeed, A, Malekzadeh, R, Malta, DC, Meretoja, A, Miller, TR, Mirrakhimov, EM, Mohammed, S, Molla, G, Nangia, V, Olgiati, S, Owolabi, MO, Patel, T, Caicedo, AJP, Pereira, DM, Perelman, J, Polinder, S, Rafay, A, Rahimi-Movaghar, V, Rai, RK, Ram, U, Ranabhat, CL, Roba, HS, Savic, M, Sepanlou, SG, Ao, BJT, Tesema, AG, Thomson, AJ, Tobe-Gai, R, Topor-Madry, R, Undurraga, EA, Vargas, V, Vasankari, T, Violante, FS, Wijeratne, T, Xu, G, Yonemoto, N, Younis, MZ, Yu, C, Zaidi, Z, El Sayed Zaki, M and Murray, CJL (2017a) Future and potential spending on health 2015–40: development assistance for health, and government, prepaid private, and out-of-pocket health spending in 184 countries. The Lancet 389, 20052030. doi: 10.1016/S0140-6736(17)30873-5.CrossRefGoogle Scholar
Dieleman, J, Campbell, M, Chapin, A, Eldrenkamp, E, Fan, VY, Haakenstad, A, Kates, J, Liu, Y, Matyasz, T, Micah, A, Reynolds, A, Sadat, N, Schneider, MT, Sorensen, R, Evans, T, Evans, D, Kurowski, C, Tandon, A, Abbas, KM, Abera, SF, Kiadaliri, AA, Ahmed, KY, Ahmed, MB, Alam, K, Alizadeh-Navaei, R, Alkerwi, A, Amini, E, Ammar, W, Amrock, SM, Antonio, CAT, Atey, TM, Avila-Burgos, L, Awasthi, A, Barac, A, Bernal, OA, Beyene, AS, Beyene, TJ, Birungi, C, Bizuayehu, HM, Breitborde, NJK, Cahuana-Hurtado, L, Castro, RE, Catalia-Lopez, F, Dalal, K, Dandona, L, Dandona, R, de Jager, P, Dharmaratne, SD, Dubey, M, Farinha, CSeS, Faro, A, Feigl, AB, Fischer, F, Fitchett, JRA, Foigt, N, Giref, AZ, Gupta, R, Hamidi, S, Harb, HL, Hay, SI, Hendrie, D, Horino, M, Jürisson, M, Jakovljevic, MB, Javanbakht, M, John, D, Jonas, JB, Karimi, SM, Khang, Y-H, Khubchandani, J, Kim, YJ, Kinge, JM, Krohn, KJ, Kumar, GA, El Razek, HMA, El Razek, MMA, Majeed, A, Malekzadeh, R, Masiye, F, Meier, T, Meretoja, A, Miller, TR, Mirrakhimov, EM, Mohammed, S, Nangia, V, Olgiati, S, Osman, AS, Owolabi, MO, Patel, T, Caicedo, AJP, Pereira, DM, Perelman, J, Polinder, S, Rafay, A, Rahimi-Movaghar, V, Rai, RK, Ram, U, Ranabhat, CL, Roba, HS, Salama, J, Savic, M, Sepanlou, SG, Shrime, MG, Talongwa, RT, Ao, BJT, Tediosi, F, Tesema, AG, Thomson, AJ, Tobe-Gai, R, Topor-Madry, R, Undurraga, EA, Vasankari, T, Violante, FS, Werdecker, A, Wijeratne, T, Xu, G, Yonemoto, N, Younis, MZ, Yu, C, Zaidi, Z, El Sayed Zaki, M and Murray, CJL (2017b) Evolution and patterns of global health financing 1995-2014: development assistance for health, and government, prepaid private, and out-of-pocket health spending in 184 countries. The Lancet 389, 19812004. doi: 10.1016/S0140-6736(17)30874-7.CrossRefGoogle Scholar
Dyer, O (2019) Firm bribed doctors to prescribe overpriced drug, US alleges in suit. BMJ 365, l2043. doi: 10.1136/bmj.l2043.CrossRefGoogle ScholarPubMed
Earle, J, Moran, C and Ward-Perkins, Z (2017) The Econocracy: The Perils of Leaving Economics to the Experts. Edited by M. Moran, Manchester Capitalism. Manchester: Manchester University Press.Google Scholar
Easterlin, RA (2001) Income and happiness: towards a unified theory. Economic Journal 111, 465484.CrossRefGoogle Scholar
Eckelman, MJ and Sherman, J (2016) Environmental impacts of the U.S. health care system and effects on public health. PLoS ONE 11, e0157014. doi: 10.1371/journal.pone.0157014.CrossRefGoogle ScholarPubMed
Eckerman, S (2017) Health Economics From Theory to Practice: Optimally Informing Joint Decisions of Research, Reimbursement and Regulation with Health System Budget Constraints and Community Objectives. Cham: Springer International Publishing.CrossRefGoogle Scholar
Eichengreen, B (2015) Secular stagnation: the long view. American Economic Review 105, 6670.CrossRefGoogle Scholar
Freudenberg, N (2014) Lethal but Legal: Corporation, Consumption, and Protecting Public Health. New York: Oxford University Press.Google Scholar
Furberg, CD, Levin, AA, Gross, PA, Shapiro, RS and Strom, BL (2006) The FDA and drug safety: a proposal for sweeping changes. JAMA Internal Medicine 166, 19381942. doi: 10.1001/archinte.166.18.1938.Google ScholarPubMed
Gaffney, A (2018) Do we need Pfizer? Jacobin (28), 5866.Google Scholar
Gagnon, E, Johannsen, B and Lopez-Salido, D (2016) Understanding the new normal: the role of demographics. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
Getzen, T (2016) Measuring and forecasting global health expenditures. In Scheffler, RM (ed.), World Scientific Handbook of Global Health Economics and Public Policy: The Economics of Health and Health Systems. Singapore: World Scientific Publishing, pp. 177215.CrossRefGoogle Scholar
Gordon, RJ (2012) Is US economic growth over? Faltering innovation confronts the six headwinds. NBER Working Paper 18315. Cambridge, MA: National Bureau of Economic Research.CrossRefGoogle Scholar
Gordon, RJ (2016) The Rise and Fall of American Growth: The US Standard of Living Since the civil war. Princeton: Princeton University Press.CrossRefGoogle Scholar
Hall, RE and Jones, CI (2007) The value of life and the rise in health spending. The Quarterly Journal of Economics 122, 3972.CrossRefGoogle Scholar
Hensher, M, Tisdell, J and Zimitat, C (2017) ‘Too much medicine’: insights and explanations from economic theory and research. Social Science and Medicine 176, 7784. doi: http://dx.doi.org/10.1016/j.socscimed.2017.01.020.CrossRefGoogle Scholar
Hickel, J and Kallis, G (2019) Is green growth possible? New Political Economy. doi: 10.1080/13563467.2019.1598964.Google Scholar
House of Lords (2017) The Long-term Sustainability of the NHS and Adult Social Care. House of Lords, London: Select Committee on the Long-Term Sustainability of the NHS.Google Scholar
House, CL, Proebsting, C and Tezar, LL (2017) Austerity in the aftermath of the Great Recession. Working Paper No. 23147. In National Bureau of Economic Research. Cambridge, Massachusetts: National Bureau of Economic Research.CrossRefGoogle Scholar
IMF (2018) World Economic Outlook April 2018: Cyclical Upswing, Structural Change. Washington, DC: International Monetary Fund.Google Scholar
IMF (2019) World Economic Outlook: Growth Slowdown, Precarious Recovery. Washington, DC: International Monetary Fund.Google Scholar
IPBES (2019) Summary for policymakers of the global assessment report on biodiversity and ecosystem services – unedited advance version. Edited by IPBES. Bonn: Intergovernmental Science Policy Platform on Biodiversity and Ecosystem Services.Google Scholar
IPCC (2018) Global Warming of 1.5°C. An IPCC Special Report on the Impacts of Global Warming of 1.5°C Above pre-Industrial Levels and Related Global Greenhouse gas Emission Pathways, in the Context of Strengthening the Global Response to the Threat of Climate Change, Sustainable Development, and Efforts to Eradicate Poverty. Geneva: World Meteorological Organization.Google Scholar
Jackson, T (2019) The post-growth challenge: secular stagnation, inequality and the limits to growth. Ecological Economics 156, 236246.CrossRefGoogle Scholar
Jamison, D, Summers, L, Alleyne, G, Arrow, K, Berkley, S, Binagwaho, A, Bustreo, F, Evans, D, Feachem, R, Frenk, J, Ghosh, G, Goldie, SJ, Guo, Y, Gupta, S, Horton, R, Kruk, M, Mahmoud, A, Mohohlo, L, Ncube, M, Pablos-Mendez, A, Reddy, K, Saxenian, H, Soucat, A, Ultveit-Moe, K and Yamey, G (2013) Global health 2035: a world converging within a generation. Lancet 382, 18981955.CrossRefGoogle ScholarPubMed
Jaworski, PM and Weber, J (2011) Do we eat too much? The current economic crisis as a result of overconsumption. Journal of Interdisciplinary Economics 23, 223237.CrossRefGoogle Scholar
Kallis, G (2011) In defence of degrowth. Ecological Economics 70, 873880. doi: 10.1016/j.ecolecon.2010.12.007.CrossRefGoogle Scholar
Kallis, G, Kerschner, C and Martinez-Alier, J (2012) The economics of degrowth. Ecological Economics 84, 172180. doi: 10.1016/j.ecolecon.2012.08.017.CrossRefGoogle Scholar
Keen, S (2015) Post Keynesian theories of crisis. American Journal of Economics and Sociology 74, 298324. doi: 10.1111/ajes.12099.CrossRefGoogle Scholar
Kelton, S (2015) 2. The failure of austerity: rethinking fiscal policy. The Political Quarterly 86, 2846. doi: 10.1111/1467-923X.12231.CrossRefGoogle Scholar
Kentikelenis, A and Papanicolas, I (2012) Economic crisis, austerity and the Greek public health system. European Journal of Public Health 22, 45. doi: 10.1093/eurpub/ckr190.CrossRefGoogle ScholarPubMed
Klitgaard, KA and Krall, L (2012) Ecological economics, degrowth, and institutional change. Ecological Economics 84, 247253. doi: 10.1016/j.ecolecon.2011.11.008.CrossRefGoogle Scholar
Landrigan, PJ, Fuller, R, Acosta, NJR, Adeyi, O, Arnold, R, Basu, N, Baldé, AB, Bertollini, R, Bose-O'Reilly, S, Boufford, JI, Breysse, PN, Chiles, T, Mahidol, C, Coll-Seck, AM, Cropper, ML, Fobil, J, Fuster, V, Greenstone, M, Haines, A, Hanrahan, D, Hunter, D, Khare, M, Krupnick, A, Lanphear, B, Lohani, B, Martin, K, Mathiasen, KV, McTeer, MA, Murray, CJL, Ndahimananjara, JD, Perera, F, Potočnik, J, Preker, AS, Ramesh, J, Rockström, J, Salinas, C, Samson, LD, Sandilya, K, Sly, PD, Smith, KR, Steiner, A, Stewart, RB, Suk, WA, van Schayck, OCP, Yadama, GN, Yumkella, K and Zhong, M (2018) The Lancet Commission on pollution and health. The Lancet 391, 462512. doi: https://doi.org/10.1016/S0140-6736(17)32345-0.CrossRefGoogle ScholarPubMed
Lawn, P (2010) Facilitating the transition to a steady-state economy: some macroeconomic fundamentals. Ecological Economics 69, 931936. doi: 10.1016/j.ecolecon.2009.12.013.CrossRefGoogle Scholar
Lawn, P (2011) Is steady-state capitalism viable? A review of the issues and an answer in the affirmative. In Costanza, R, Limburg, K and Kubiszewski, I (eds), Ecological Economics Reviews. New York: Wiley, pp. 125.Google Scholar
Lewis, M (2007) Informal payments and the financing of health care in developing and transition countries. Health Affairs 26, 984997. doi: 10.1377/hlthaff.26.4.984.CrossRefGoogle ScholarPubMed
Maddison, A (2003) The World Economy: Historical Statistics, Development Centre Studies. Paris: OECD.CrossRefGoogle Scholar
Makkai, T and Braithwaite, J (2008) In and out of the revolving door: making sense of regulatory capture. Journal of Public Policy 12, 6178. doi: 10.1017/S0143814X00005006.CrossRefGoogle Scholar
Malik, A, Lenzen, M, McAlister, S and McGain, F (2018) The carbon footprint of Australian health care. The Lancet Planetary Health 2, e27e35. doi: https://doi.org/10.1016/S2542-5196(17)30180-8.CrossRefGoogle ScholarPubMed
Mazzucato, M (2013) The Entrepreneurial State: Debunking Public vs Private Sector Myths. London: Anthem Press.Google Scholar
Mazzucato, M (2018) The Value of Everything: Making and Taking in the Global Economy. New York: Public Affairs.Google Scholar
McGreal, C (2019) Billionaire founder of opioid firm guilty of bribing doctors to prescribe drug. The Guardian, Last Modified 2 May 2019, accessed 4 May 2019. Available at https://www.theguardian.com/us-news/2019/may/02/john-kapoor-opioids-billionaire-founder-guilty-of-bribing-doctors-to-prescribe.Google Scholar
McIntyre, D, Meheus, F and Røttingen, J-A (2017) What level of domestic government health expenditure should we aspire to for universal health coverage? Health Economics, Policy and Law 12, 125137. doi: 10.1017/S1744133116000414.CrossRefGoogle ScholarPubMed
Meadows, DH, Meadows, DL, Randers, J and Behrens, WW (1972) The Limits to Growth: A Report for the Club of Rome's Project on the Predicament of Mankind. London: Potomac Associates.Google Scholar
Milanovic, B (2016) Global Inequality: A new Approach for the age of Globalization. Cambridge, Mass: The Belknap Press of Harvard University Press.CrossRefGoogle Scholar
Minsky, HP (1992) The Financial Instability Hypothesis. Annandale on Hudson, NY: The Jerome Levy Institute of Economics of Bard College.Google Scholar
Mishan, EJ (1967) The Costs of Economic Growth. London: Staples Press.Google Scholar
Mitchell, W and Fazi, T (2017) Reclaiming the State: A Progressive Vision of Sovereignty for A Post-Neoliberal World. London: Pluto Press.CrossRefGoogle Scholar
Montazerhodjat, V, Weinstock, DM and Lo, AW (2016) Buying cures versus renting health: financing health care with consumer loans. Science Translational Medicine 8, 327ps6. doi: 10.1126/scitranslmed.aad6913.CrossRefGoogle ScholarPubMed
Mooney, G (2009) Challenging Health Economics. Oxford: Oxford University Press.CrossRefGoogle Scholar
Morgan, DJ, Brownlee, S, Leppin, AL, Kressin, N, Dhruva, SS, Levin, L, Landon, BE, Zezza, MA, Schmidt, H, Saini, V and Elshaug, AG (2015) Setting a research agenda for medical overuse. BMJ: British Medical Journal 351, h5434.Google ScholarPubMed
Moynihan, R (2002) Alosetron: a case study in regulatory capture, or a victory for patients’ rights? BMJ (Clinical Research ed.) 325, 592595. doi: 10.1136/bmj.325.7364.592.CrossRefGoogle ScholarPubMed
Nersisyan, Y and Randall Wray, L (2016) Modern money theory and the facts of experience. Cambridge Journal of Economics 40, 12971316.CrossRefGoogle Scholar
Newhouse, JP (1977) Medical-care expenditure: a cross-national survey. Journal of Human Resources 12, 115125.CrossRefGoogle ScholarPubMed
Newhouse, JP (1992) Medical care costs: how much welfare loss? Journal of Economic Perspectives 6, 3-21.CrossRefGoogle ScholarPubMed
OECD (2006) Projecting OECD Health and Long-Term Care Expenditures, vol. 477, OECD Economics Department Working Papers. Paris: OECD Publishing.Google Scholar
OECD (2017) Tackling Wasteful Spending on Health. Paris: Organisation for Economic Cooperation and Development.Google Scholar
Ostry, JD, Berg, A and Tsangarides, CG (2014) Redistribution, inequality and growth. In IMF Staff Discussion Note SDN/14/02. Washington, DC: International Monetary Fund.Google Scholar
Ostry, JD, Ghosh, AR and Espinoza, R (2015) When Should Public Debt be Reduced? Staff Discussion Note. Washington, DC: International Monetary Fund.Google Scholar
Oswald, AJ (1997) Happiness and economic performance. Economic Journal 107, 18151831.CrossRefGoogle Scholar
Oswald, AJ (2014) The value to the environmental movement of the new literature on the economics of happiness. In Southerton, D and Ulph, A (eds), Sustainable Consumption: Multidisciplinary Perspectives in Honour of Professor Sir Partha Dasgupta. Oxford: Oxford University Press, pp. 8896.CrossRefGoogle Scholar
Pencheon, D (2013) Developing a sustainable health and care system: lessons for research and policy. Journal of Health Services Research and Policy 18, 193194. doi: 10.1177/1355819613503633.CrossRefGoogle ScholarPubMed
Pencheon, D and Dalton, A (2017) Pollution from the health and care system. In Davies, SC (ed.), Annual Report of the Chief Medical Officer 2017, Health Impacts of All Pollution – What do we Know?. London: Department of Health and Social Care, pp. 4073.Google Scholar
Piketty, T and Saez, E (2014) Inequality in the long run. Science 344, 838843. doi: 10.1126/science.1251936.CrossRefGoogle ScholarPubMed
Prasad, V and Mailankody, S (2017) Research and development spending to bring a single cancer drug to market and revenues after approval. JAMA Internal Medicine 177, 15691575.CrossRefGoogle Scholar
Rachel, L and Summers, L (2019) Public boost and private drag: government policy and the equilibrium real interest rate in advanced economies. Brookings Papers on Economic Activity Conference Draft, Spring 2019.Google Scholar
Ravallion, M (2014) Income inequality in the developing world. Science 344, 851855. doi: 10.1126/science.1251875.CrossRefGoogle ScholarPubMed
Raworth, K (2017) Doughnut Economics: Seven Ways to Think Like A 21st Century Economist. London: Random House Business Books.Google Scholar
Robb, G (2017) Nobel economist takes aim at rent-seeking banking and healthcare industries. Accessed 3rd June 2017. Available at http://www.marketwatch.com/story/nobel-economist-takes-aim-at-rent-seeking-banking-and-healthcare-industries-2017-03-06.Google Scholar
Rockstrom, J, Steffen, W, Noone, K, Persson, A, Chapin, FS, Lambin, EF et al. (2009) A safe operating space for humanity. Nature 461, 472475. doi: 10.1038/461472a.CrossRefGoogle ScholarPubMed
Rosenthal, E (2017) An American Sickness: How Healthcare Became big Business and how you can Take it Back. New York: Penguin Press.Google Scholar
Sahay, R, Čihák, M, N'Diaye, P, Barajas, A, Bi, R, Ayala, D, Gao, Y, Kyobe, A, Nguyen, L, Saborowski, C, Svirydzenka, K and Yousefi, SR (2015) Rethinking financial deepening: Stability and growth in emerging markets. In IMF Staff Discussion Note SDN/15/08. Washington, DC: International Monetary Fund.Google Scholar
Saini, V, Brownlee, S, Elshaug, AG, Glasziou, P and Heath, I (2017) Addressing overuse and underuse around the world. The Lancet 390, 105107. doi: https://doi.org/10.1016/S0140-6736(16)32573-9.CrossRefGoogle ScholarPubMed
Sainsbury, P (2016) A timely call to end massive public subsidies of the private health insurance industry. Croakey.org, accessed 3rd June 2017. Available at https://croakey.org/a-timely-call-to-end-massive-public-subsidies-of-the-private-health-insurance-industry/.Google Scholar
Saltman, RB and Cahn, Z (2013) Restructuring health systems for an era of prolonged austerity: an essay by Richard B Saltman and Zachary Cahn. BMJ-British Medical Journal 346, f3972. doi: 10.1136/bmj.f3972.CrossRefGoogle ScholarPubMed
Schofield, D (2000) Public hospital expenditure: how is it divided between lower, middle and upper income groups? Australian Economic Review 33, 303316.CrossRefGoogle Scholar
Sedlacek, T (2013) Economics of Good and Evil: The Quest for Economic Meaning From Gilgamesh to Wall Street. New York: Oxford University Press.Google Scholar
Sharma, R (2017) The boom was a blip. Foreign Affairs 96, 104114.Google Scholar
Smulders, S, Toman, M and Withagen, C (2014) Growth theory and ‘green growth’. Oxford Review of Economic Policy 30, 423446.CrossRefGoogle Scholar
Spitz, J and Wickham, M (2012) Pharmaceutical high profits: the value of R&D, or oligopolistic rents? American Journal of Economics and Sociology 71, 136.CrossRefGoogle ScholarPubMed
Standing, G (2016) The Corruption of Capitalism: Why Rentiers Thrive and Work Does not pay. London: Biteback Publishing.Google Scholar
Steffen, W, Richardson, K, Rockstrom, J, Cornell, SE, Fetzer, I, Bennett, EM, Biggs, R, Carpenter, SR, de Vries, W, de Wit, CA, Folke, C, Gerten, D, Heinke, J, Mace, GM, Persson, LM, Ramanathan, V, Reyers, B and Sorlin, S (2015) Planetary boundaries: guiding human development on a changing planet. Science 347, 736. doi: 10.1126/science.1259855.CrossRefGoogle ScholarPubMed
Stiglitz, JE, Sen, A and Fitoussi, J-P (2010) Mismeasuring our Lives: Why GDP Doesn't Add Up. The Report by the Commission on the Measurement of Economic Performance and Social Progress. New York: The New Press.Google Scholar
Streeck, W (2016) How Will Capitalism End? Essays on a Failing System. London: Verso.Google Scholar
Stuckler, D and Basu, S (2013) The Body Economic: Why Austerity Kills. London: Allen Lane.Google Scholar
Summers, LH (2015) Demand side secular stagnation. American Economic Review 105, 6065. doi: http://dx.doi.org/10.1257/aer.105.5.60.CrossRefGoogle Scholar
Swinburn, BA, Kraak, VI, Allender, S, Atkins, VJ, Baker, PI, Bogard, JR, Brinsden, H, Calvillo, A, De Schutter, O, Devarajan, R, Ezzati, M, Friel, S, Goenka, S, Hammond, RA, Hastings, G, Hawkes, C, Herrero, M, Hovmand, PS, Howden, M, Jaacks, LM, Kapetanaki, AB, Kasman, M, Kuhnlein, HV, Kumanyika, SK, Larijani, B, Lobstein, T, Long, MW, Matsudo, VKR, Mills, SDH, Morgan, G, Morshed, A, Nece, PM, Pan, A, Patterson, DW, Sacks, G, Shekar, M, Simmons, GL, Smit, W, Tootee, A, Vandevijvere, S, Waterlander, WE, Wolfenden, L and Dietz, WH (2019) The global syndemic of obesity, undernutrition, and climate change: the lancet commission report. The Lancet 393, 791846.CrossRefGoogle ScholarPubMed
Teulings, C and Baldwin, R (2014) Secular Stagnation: Facts, Causes, and Cures. London: Centre for Economic Policy Research.Google Scholar
Tokic, D (2012) The economic and financial dimensions of degrowth. Ecological Economics 84, 4956. doi: 10.1016/j.ecolecon.2012.09.011.CrossRefGoogle Scholar
Tyrovolas, S, Kassebaum, NJ, Stergachis, A, Abraha, HN, Alla, F, Androudi, S, Car, M, Chrepa, V, Fullman, N, Fürst, T, Haro, JM, Hay, SI, Jakovljevic, MB, Jonas, JB, Khalil, IA, Kopec, JA, Manguerra, H, Martopullo, I, Mokdad, A, Monasta, L, Nichols, E, Olsen, HE, Rawaf, S, Reiner, R, Renzaho, AMN, Ronfani, L, Sanchez-Niño, MD, Sartorius, B, Silveira, DGA, Stathopoulou, V, Stein Vollset, E, Stroumpoulis, K, Sawhney, M, Topor-Madry, R, Topouzis, F, Tortajada-Girbés, M, Tsilimbaris, M, Tsilimparis, N, Valsamidis, D, van Boven, JFM, Violante, FS, Werdecker, A, Westerman, R, Whiteford, HA, Wolfe, CDA, Younis, MZ and Kotsakis, GA (2018) The burden of disease in Greece, health loss, risk factors, and health financing, 2000–16: an analysis of the Global Burden of Disease Study 2016. The Lancet Public Health 3, e395e406. doi: https://doi.org/10.1016/S2468-2667(18)30130-0.CrossRefGoogle Scholar
UN (2015) Sustainable Development Goals: 17 goals to transform our world. United Nations, accessed 3 June 2017. Available at http://www.un.org/sustainabledevelopment/sustainable-development-goals/.Google Scholar
USDC (2007) United States of America vs the Purdue Frederick Company Inc. et al. In 1:07CR00029, edited by United States District Court Western District of Virginia Abingdon Division. VA.Google Scholar
US Federal Reserve (2019) Monetary Policy Report. Washington, DC: Board of Governors of the Federal Reserve System.Google Scholar
van den Bergh, JCJM (2017) A third option for climate policy within potential limits to growth. Nature Climate Change 7, 107112. doi: 10.1038/NCLIMATE3113.CrossRefGoogle Scholar
Velenyi, EV (2016) Health care spending and economic growth. In Scheffler, RM (ed.), World Scientific Handbook of Global Health Economics and Public Policy: The Economics of Health and Health Systems. Singapore: World Scientific Publishing, pp. 1154.Google Scholar
Victor, PA and Rosenbluth, G (2007) Managing without growth. Ecological Economics 61, 492504. doi: 10.1016/j.ecolecon.2006.03.022.CrossRefGoogle Scholar
Ward, JD, Sutton, PC, Warner, AD, Costanza, R, Mohr, SH and Simmons, CT (2016) Is decoupling GDP growth from environmental impact possible? PLoS ONE 11, e0164733. doi: 10.1371/journal.pone.0164733.CrossRefGoogle ScholarPubMed
Waring, M (1988) Counting for Nothing: What men Value and What Women are Worth. Wellington: Allen & Unwin New Zealand.CrossRefGoogle Scholar
Watts, N, Adger, WN, Agnolucci, P, Blackstock, J, Byass, P, Cai, W, Chaytor, S, Colbourn, T, Collins, M, Cooper, A, Cox, PM, Depledge, J, Drummond, P, Ekins, P, Galaz, V, Grace, D, Graham, H, Grubb, M, Haines, A, Hamilton, I, Hunter, A, Jiang, X, Li, M, Kelman, I, Liang, L, Lott, M, Lowe, R, Luo, Y, Mace, G, Maslin, M, Nilsson, M, Oreszczyn, T, Pye, S, Quinn, T, Svensdotter, M, Venevsky, S, Warner, K, Xu, B, Yang, J, Yin, Y, Yu, C, Zhang, Q, Gong, P, Montgomery, H and Costello, A (2015) Health and climate change: policy responses to protect public health. The Lancet 386, 18611914. doi: 10.1016/S0140-6736(15)60854-6.CrossRefGoogle ScholarPubMed
Welch, H (2017) Cancer screening, overdiagnosis, and regulatory capture. JAMA Internal Medicine 177, 915916. doi: 10.1001/jamainternmed.2017.1198.CrossRefGoogle ScholarPubMed
Whitmee, S, Haines, A, Beyrer, C, Boltz, F, Capon, AG, Ferreira de Souza Dias, B, F Ezeh, A, Frumkin, H, Gong, P, Head, P, Horton, R, Mace, GM, Marten, R, Myers, SS, Nishtar, S, Osofsky, SA, Pattanayak, SK, Pongsiri, MJ, Romanelli, C, Soucat, A, Vega, J and Yach, D (2015) The Lancet Commissions: safeguarding human health in the Anthropocene epoch: report of The Rockefeller Foundation–Lancet Commission on planetary health. The Lancet 386, 19732028. doi: 10.1016/S0140-6736(15)60901-1.CrossRefGoogle Scholar
WHO (2014) Antimicrobial Resistance: Global Report on Surveillance. Geneva: World Health Organization.Google Scholar
Wolf, M (2014) The Shifts and the Shocks: What We've Learned – and Have Still to Learn – From the Financial Crisis. London: Allen Lane.Google Scholar