Wellbeing Financial aspects.

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Wellbeing Financial matters. Taggert J. Streams Spring 2010. "The inquisitive errand of financial aspects is to show to men how little they truly think about what they envision they can outline." ~F. A. Hayek The Lethal Pride. Why study wellbeing financial matters?. The fundamental monetary inquiries which each general public appearances.
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Wellbeing Economics Taggert J. Creeks Spring 2010

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“The inquisitive undertaking of financial aspects is to show to men how little they truly think about what they envision they can design.” ~F. A. Hayek The Fatal Conceit

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Why study wellbeing financial matters?

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The essential monetary inquiries which each general public appearances PPF Opportunity cost Pareto ideal Positive versus regularizing

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Research in Economics RAND Health Experiment Gold standard, randomized medications

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What is extraordinary about Health (Care) Economics? Vulnerability and Incomplete Information Asymmetric Information Regulation and Government Intervention Externalities

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Uncertainty and Incomplete Information Random ailment striking people Random results from restorative intercessions Professional instability about viability of treatment

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Asymmetric Information Health expert know more about the mending procedure and the adequacy of diverse medications Consumers know more about their own wellbeing condition than safety net providers

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Regulation and Government Intervention Health Practitioners (Licensure) Drugs and Products Price Controls Capital Construction, section, and way out Provision of protection Research and Development Professional Education Favored Tax Treatment

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Externalities Negative Communicable Diseases Reckless Lifestyles (e.g., Drunk Driving) Positive Production of Knowledge

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Medical Care versus Human services Most of the change in future originates from general wellbeing Chlorinated and Filtered water. Impact of restorative consideration on wellbeing Limited Extensive versus Intensive Margins

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From: Peter Orszag - Director CBO

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From: Peter Orszag - Director CBO

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Grossman Model Economists consider Health regarding a Stock of Health. The supply of wellbeing creates Medical Care is an interest in that stock Other speculations

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Preconceptions Health Care Spending as % of GDP Government’s Share of Health Care Spending % of individuals secured by wellbeing protection Life Expectancy at Birth.

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Health Insurance Coverage in the U.S., 2008 Total = 300.5 million NOTE: Includes those over age 65. Medicaid/Other Public incorporates Medicaid, SCHIP, other state projects, and military-related scope. Those selected in both Medicare and Medicaid (1.9% of aggregate populace) are appeared as Medicare recipients. SOURCE: Kaiser Commission on Medicaid and the Uninsured/Urban Institute examination of March 2009 CPS

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Life Expectancy at Birth

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International correlations: Some adapted realities about medicinal services http://www.gapminder.org/gapminder-world.html http://oberon.sourceoecd.org/vl=623532/cl=19/nw=1/rpsv/health2007/index.htm

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From: Peter Orszag - Director CBO

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National Compensation Measures as a Share of GDP, NIPA 1960-2006 Private Group Health Insurance 56.4% of GDP 56.3% of GDP Other Fringe Benefits and Payroll Taxes 3.8% 6.7% 0.6% 4.1% Wages 51.8% 45.6% 2006 Source: Kaiser Family Foundation investigation of information from the U.S. Division of Commerce, Bureau of Economic Analysis, National Income and Product Accounts, 1960-2006, Tables 1.1.5, 2.1, 6.11B, 6.11C, & 6.11D, 2008.

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Health Care as an Economic Issue Inflation or rising costs general High expenses Price of gas Health consideration costs Problem landing a decent paying position or a bring up in pay Cost of lodging Difficulty putting something aside for retirement Credit card obligation and other individual obligation All of these/Other/Don’t Know Which of the accompanying is the absolute most essential financial issue confronting you and your crew? (Feb. 2008, enlisted voters) SOURCE: Kaiser Health Tracking Poll: Election 2008 Issue 6: March 2008 (led February 7-16, 2008)

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Problems Experienced as a Result of Changes in the Economy As a consequence of late changes in the economy, have you and you\'re family encountered any of the accompanying issues, or not? Was this a significant issue, or not? Percent saying each was a “serious problem” Problems paying for gas Problems landing a decent paying position or a bring up in pay Problems paying for human services and wellbeing protection Problems paying your rent or home loan Problems paying for nourishment Problems with charge card obligation or other individual obligation Losing cash in the share trading system SOURCE: Kaiser Family Foundation Health Tracking Poll: Election 2008 (directed April 3-13, 2008)

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Mean Health Insurance Costs Per Worker Hour for Employees with Access to Coverage, 1999-2005 Source: Kaiser Family Foundation examination in view of information from the National Compensation Survey, 1999-2005, led by the Bureau of Labor Statistics.

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Impact of Unemployment Growth on Medicaid and SCHIP and the Number Uninsured $3.4 $1.4 State 1.1 1.0 = 1% & Increase in National Unemployment Rate Federal $2.0 Increase in Medicaid and SCHIP Enrollment (million) Increase in Uninsured (million) Increase in Medicaid and SCHIP Spending (billion) Source: Stan Dorn, Bowen Garrett, John Holahan, and Aimee Williams, Medicaid, SCHIP and Economic Downturn: Policy Challenges and Policy Responses , arranged for the Kaiser Commission on Medicaid and the Uninsured, April 2008

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