Pirinciples of health economics.docx

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Department
Economics
Course
ECO440H5
Professor
Multiple Professors
Semester
Winter

Description
Week 2122 Demand for health care demand for health and needIf we are considering the market for health care we will be interested in the demand for health care However in considering this demand it is important to recognise that health care has special characteristics that may make it different from other goods One factor is that health care is not usually demanded because it is in itself pleasurable in fact it may be unpleasant Instead it is demanded mainly to improve health So even if health care is in itself unpleasant it leads to more pleasure than would otherwise have been the caseIf health care is only demanded in order to improve health then is there a demand for health improvements Health can indeed be regarded as a good in fact a fundamental commodity that is essential to peoples wellbeing leading to a demand for improvements in it Health does have characteristics that more conventional goods haveit can be manufactured it is wanted and people are willing to pay for improvements in it and it is scarce relative to peoples wants for it However its relationship with the demand for health care is not onetoone because although health is affected by health care it is also affected by many other things and it also affects other aspects of welfare not just health care As a good health is even more peculiar than health care because of its characteristics
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