Health, Growth and Welfare: A Theoretical Appraisal of the Long-Run Impact of Medical R&D

Stefano Bosi and Thierry Laurent

Asia-Pacific Journal of Accounting & Economics, 2011, vol. 18, issue 3, 307-332

Abstract: This paper aims at providing a simple economic framework to address the question of the optimal share of investments in medical R&D in total public spending. In order to capture the long-run impact of tax-financed medical R&D on the growth rate, we develop an endogenous growth model in the spirit of Barro (1990). The model focuses on the optimal sharing of public resources between consumption and (non-health) investment, medical R&D and other health expenditures. It emphasizes the key role played by the public health-related R&D in enhancing economic growth and welfare in the long run.

Date: 2011
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DOI: 10.1080/16081625.2011.9720886

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