Pdf Micro And Macro Economics In HealthcareBy Isabel T. In and pdf 28.04.2021 at 18:13 7 min read
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- The contention within health economics: A micro-economic foundation using a macro-economic analysis
- Medical education: microeconomics or macroeconomics?
Economists use micro-based and macro-based approaches to assess the effects of health on economic growth. The micro-based approach tends to find smaller effects than the macro-based approach, thus presenting a micro-macro puzzle regarding the economic return on health. We reconcile these two strands of literature by showing that the point estimate of the macroeconomic effect of health is quantitatively close to that found by aggregating the microeconomic effects, when carefully specifying the estimation equations and controlling for spillovers of health at the aggregate level. Our results justify using the micro-based approach to estimate the direct economic benefits of health interventions.
The contention within health economics: A micro-economic foundation using a macro-economic analysis
Medical education is expensive. Value for money may be evaluated by means of a number of different analyses: these include but are not limited to cost effectiveness, cost benefit and cost utility studies. Generally the payer will be the individual or the government or a mixture of the two. These two stakeholders will naturally have different priorities and how we look at the issue of cost and value in medical education will depend on the stakeholder involved.
There is a clear parallel with the study of microeconomics and macroeconomics. Can we learn from looking at cost in medical education in macroeconomic and microeconomic terms?
I would argue that we can and that the lessons learned can have significant implications for the field. Let's look at microeconomics first. Microeconomics enables the study of the economic activities of individuals who make decisions about relatively small resources. This is most usually in a context where individuals purchase products or services. Individuals make purchasing decisions based on price, quantity and quality and so microeconomics examines these factors in detail.
Price, quantity and quality are inextricably related and so microeconomics examines all three and examines the effect that each has on the others. Applying microeconomics to medical education forces the analyst to think in a particular way. Prospective medical students for example might look at the cost of university tuition, the length of the course and its quality.
The prospective student might measure quality in economic terms — that is, they might prefer a course that will be likely to get them on track to a high earning specialty. In microeconomic terms prices are always relative and so even high tuition fees might seem more than manageable when the student sees a career that can help them earn those fees many times over in a short time frame. Microeconomics also looks at concepts such as asymmetric information and choice under uncertainty — both of which have implications for medical education.
The prospective medical students must make choices under conditions of relative uncertainty and worse must sometimes experience being on the wrong side of asymmetric information. When this occurs the buyer and the seller have different levels of information. Often although not always the seller has more information than the buyer. In medical education a medical school might charge high tuition fees based more on its reputation that on the quality of its course.
However the prospective student might not know this. Macroeconomics provides models to help countries understand and influence economic growth and to develop economic policy. Once again a macroeconomic perspective can be applied to medical education. A country and its medical schools should ideally be looking at their population and population demographics in terms of healthcare.
This should help it decide the number of medical graduates that it will need in the future. A macroeconomic perspective should help the country provide just the right number of graduates so that there is neither a shortage of doctors on the one hand or medical unemployment on the other.
The macroeconomic perspective should ultimately influence policy at a national level. The policy might play out with a result of more medical schools or more medical schools with a primary care ethos — if that is the type of healthcare professional required. Macroeconomics and macroeconomic policies are at their core concerned with outcomes and not outcomes at an individual level but rather aggregate outcomes.
So when looking at the economics of medical education, should we adopt a macroeconomic or microeconomic approach? Broadly it is likely that a macroeconomic approach would be best. Microeconomics have their place in evaluating cost and value in medical education but this place will always be limited.
Even in countries with the highest tuition fees, those fees only pay for part of the cost of medical education. In any case a microeconomic approach works at an individual level and individuals will most of the time act in their own best interests.
This is only natural and to be expected. However this approach will ultimately result in individuals seeing their investment in medical education as a personal investment and one that they as individuals will need to see financial returns.
At its worse this could result in individuals leaving their country of origin to pursue a medical career in a country that offers them greater monetary rewards. This works at an individual level but cannot work at a country level and this leads us to look closely at the purpose of medical education. Surely the purpose is clear - medical education is not an isolated academic discipline - its sole purpose is to provide doctors that the population needs.
And this can only be achieved at a population level. A macroeconomic approach to medical education will result in adequate numbers of healthcare professional education programmes that the population needs with little or no medical unemployment and thus little financial or human wastage.
Macroeconomics in medical education will not solve all of our problems but should enable us to view these problems in a new light. These problems might be a shortage of healthcare professionals overall or a shortage in certain specialties or in certain territories. These issues are current in the Western world, in emerging economies and particularly so in the world's poorest countries. The problems will not be solved by thinking in microeconomic terms.
National Center for Biotechnology Information , U. Pan Afr Med J. Published online May 2. Author information Article notes Copyright and License information Disclaimer. Received Apr 8; Accepted May 1. Keywords: Medical education, cost, economics. This is an Open Access article distributed under the terms of the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
This article has been cited by other articles in PMC. Editorial Medical education is expensive. Competing interests The author declares that he has no competing interests. References 1. Walsh K, editor. United Kingdom: Abingdon: Radcliffe; Cost effectiveness in medical education. Health professionals for a new century: transforming education to strengthen health systems in an interdependent world. Cost analyses approaches in medical education: there are no simple solutions. Med Educ. Waring HJ.
Medical education: microeconomics or macroeconomics?
Metrics details. Most developing countries face important challenges regarding the quality of health care, and there is a growing consensus that health workers play a key role in this process. Our understanding as to what are the key institutional challenges in human resources, and their underlying driving forces, is more limited. A conceptual framework that structures existing insights and provides concrete directions for policymaking is also missing. To gain a bottom-up perspective, we gather qualitative data through semi-structured interviews with different levels of health workers and users of health services in rural and urban Rwanda. We conducted discussions with 48 health workers and 25 users of health services in nine different groups in We maximized within-group heterogeneity by selecting participants using specific criteria that affect health worker performance and career choice.
Macroeconomics is the study of the performance, structure, behavior and decision-making of an economy as a whole. Macroeconomists focus on the national, regional, and global scales. For most macroeconomists, the purpose of this discipline is to maximize national income and provide national economic growth. While there are variations between the objectives of different national and international entities, most follow the ones detailed below:. Circulation in Macroeconomics : Macroeconomics studies the performance of national or global economies and the interaction of certain entities at the these level. To achieve these goals, macroeconomists develop models that explain the relationship between factors such as national income, output, consumption, unemployment, inflation, savings, investment and international trade.
Micro-based approaches aggregate the return on individual health from Mincerian wage regressions to derive the macroeconomic effects of population health.
Health economists claim to use market economics combined with the microeconomic concepts of opportunity cost and the margin to advise on priority setting. However, they are advising on setting priorities through a macro-economic analysis using the costs of the supplier, thus prioritising the producer and not the consumer as the dynamic of economic activity. For health economists any contention within priority setting is due to lack of data not their confusion over fundamental concepts.
Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act,
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