Health, growth and welfare: a theoritical appraisal of the long run impact of medical R&D

Stefano Bosi and Thierry Laurent ()

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Public health; Medical R&D; Public spending; Endogenous growth (search for similar items in EconPapers)
JEL-codes: H23 H51 I18 O31 (search for similar items in EconPapers)
Date: 2011-08-06
New Economics Papers: this item is included in nep-dge, nep-fdg, nep-hea, nep-ino and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:33789

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