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Research Article

EEO. 2020; 19(4): 6017-6022


A Study On The Relationship Between Health Care And Economic Development

Dr. Renuka Ekanath Walunj.




Abstract

Nowadays there is increasing interest in economics with the relationship between health care and economic development. In the last half century there was considerable progress in the health care sector. There was improvement in mortality rates but still it remains much higher in poor countries, with a difference in life expectancy between rich and poor countries.Poor countries may be captured in an equilibrium where life expectancy is low, savings and investments are low and fertility is high whereas rich countries grow in the long-run.It increases the stress on the central role of not only quantity but also quality of life on economic welfare by health spending on life expectancy.
Individuals work hard in their early age and live or relax in retirement in old age. Increase in health investment activity is the need of society because it helps to improve the quality of human life which increases the probability of surviving from the first to the next period.
Earlier the savings ratio was increasing and after that it was decreasing. The survival function shows a positive and improving elasticity subject to health investment.
Government should focus on the health care sector as it plays an important role for economic growth. Institutional improvements and technological progress not only promote population health but economic growth.
Now Indian government is playing a crucial role of balancing both economic and public health while dealing with the COVID-19. Its direct impact on morbidity and mortality. Many countries are facing low Gross Domestic Product (GDP) due to this pandemic. Declining economic activity, government revenues and increasing unemployment, public debt, government borrowing etc. are factors which damage economic growth. They are trying to give effective healthcare management and a balanced economy and prepare ready for a future crisis due to this pandemic.

Key words: life expectancy, health care, economic development.






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