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Archive for the 'Economics – General' Category

Efficacy vs. Effectiveness vs. Efficiency

Efficacy describes the technical relationship between the technology and its effects (whether it actually works), whereas effectiveness concerns the extent to which application of an efficacious technology brings about desired effects (changes in diagnoses, altered management plans, improvement in health)…Efficiency is an economic concept which relates efficacy and effectivness to resource use.  Assessment of efficiency is […]

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Economists’ Declaration

In September 2015, 267 economists from 44 countries, led by Lawrence H. Summers of Harvard University, signed the Economists Declaration on Universal Health Coverage, which calls on global policymakers to prioritize a pro-poor pathway to universal health coverage as an essential pillar of sustainable development.  The full text is here.  An excerpt is below: Universal […]

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How much are you willing to pay to live an extra year? (Part II)

In a previous post in 2014, I examined a systematic literature review of individual willingness to pay for an extra life year.  That study found that individuals were willing to pay 118,839 EUR 2010 on average (equivalent to $142,762.92 USD in 2015 USD). The median WTP however, is only 24,226 EUR (or $29,100 in 2015 USD). […]

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Angus Deaton wins nobel prize in economics

You can find the Nobel website press release here: The work for which Deaton is now being honored revolves around three central questions: How do consumers distribute their spending among different goods?Answering this question is not only necessary for explaining and forecasting actual consumption patterns, but also crucial in evaluating how policy reforms, like changes […]

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Why research in health economics is particularly interesting

The Federal Reserve Bank of Minneapolis has a long but very interesting interview with Amy Finkelstein, one of the preeminent health economist of our time.    The interview covers a number of topics including the correlation between adverse selection and risk aversion, annuity markets, geographic variation in health care spending, the Oregon Health Insurance Experiment, and […]

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Vertical Integration

30 Rock has a clever explanation for the benefits and perils of vertical integration.  Enjoy.   HT: Leemore Dafny during her presentation at USC Schaeffer School.  

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Insider vs. Outsider

A post from Ben Casnocha has some really good insights about the pros and cons of being an insider vs. an outsider. I excerpt a parts of the post below: A striking section of Elizabeth Warren’s memoir is about advice she says Larry Summers once offered her: After dinner, “Larry leaned back in his chair and offered […]

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Becoming a health economist

A 2010 American Society of Health Economists (ASHE) newsletter provides some interesting perspectives on becoming a health economist.  There are a number of interesting perspectives on non-academic careers for health economists.  Some excerpts are below: On working for the American Medical Association: “…if freedom is desired to choose one’s research independently,then this would not be a good match…[however] there is […]

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Is 2% US GDP the new normal?

In the past, many economists targeted 4% GDP growth as the long-run average.  However, in recent years long-run GDP growth has fallen to about 2% per year.  Is the US economic engine slowing down?  Maybe, not. Growth in a country’s GDP comes from 2 components: growth in GDP per work and growth in the number of […]

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In Memoriam: Willard G. Manning, 1946-2014

In November, Willard Manning passed away.  I met Dr. Manning as he was a lecturer at the European Science Days summer school in Steyr, Austria.  iHEA has put together a nice in memoriam article and I have an sample of that below.  I will echo that although Dr. Manning was best know for his work on the RAND […]

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