Medical Investment, Life Expectancy and Economic Growth
A. D. Erakhtina1,2
1Institute of Economics and Industrial Engineering SB RAS
2Novosibirsk State University
Keywords: экономика здравоохранения, инновации, экономическийрост, продолжительность жизни, medical innovation, life expectancy, economic growth, Health Economics
Abstract
Life expectancy at birth almost doubled during the last three centuries, in all geographical and demographical parts of the world. Such indicators as life expectancy and death rates, reviewed and examined in the article, are considered to be the most important components in overall human economic development. The article is devoted to long-term analysis of longevity significance, along with the role of investment in healthcare and close-related medical innovation in declining mortality, and, finally, to the overall economic growth, conditional on these factors. Firstly, the article provides analysis of factors, forming current patterns of life expectancy trends all over the world for several centuries. Next, there is a discussion concerning features of investment activity and innovation implementation in healthcare, with the latter being the main factors increasing the share of healthcare industry in GDP. Finally, the article includes analysis of impact of all the aforementioned relations on economic growth.
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