Contents

Health Capital Measurement and Economic Cost of Disease: A Case of HIV/AIDS Prevalence in OECD Countries

건강자본 변수와 질병의 경제적 비용 추정:OECD 국가에서의 HIV/AIDS 사례

Sungwoog Choi / Shin, Ja Eun

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Abstract

This paper examines the importance of health capital measurement in accounting for the economic cost of health problem by analyzing the case of HIV/AIDS prevalence among developed countries. The growth equation is derived from the augmented Solow model and estimated using a pooled cross sectional data of 20 OECD countries during the period of 1975 to 2000. Potential endogeneity problem due to the bidirectional relationship between health capital and the growth of national income is dealt with Two Stage Least Squares (2SLS) method.
We compare the performance of two proxies for health capital, ‘infant mortality rate’ (IMR) and ‘health expenditure per capita’. Findings show that the choice of health capital measure makes a critical difference in the estimated effect of HIV/AIDS on the economic growth. 20 additional incidences of HIV/AIDS per million populations is associated with 0.20% reduction in the growth rate of GDP per capita in the health expenditure model, while the IMR model yields no statistically significance.
It suggests that a careful discretion on health capital measurement is necessary to correctly assess the economic cost of health problem, especially among developed countries.

Issue Date
2009
Publisher
한국보건경제정책학회
Keywords
HIV/AIDS prevalence; economic growth; health capital measurement; HIV/AIDS; 경제성장; 건강자본 변수
Journal Title
보건경제와 정책연구
Start Page
41
End Page
58
ISSN
1738-7302
Language
English
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