Description
Book SynopsisA seminal work in health economics first published in 1972, Michael Grossman's
The Demand for Health introduced a new theoretical model for determining the health status of the population. His work uniquely synthesized economic and public health knowledge and has catalyzed a vastly influential body of health economics literature.
Trade ReviewA most remarkable study, which ranks among the very most important and pioneering ones in health economics. -- Gary S. Becker A seminal work in health economics, which led to a major stream of literature dealing with the determinants of the health status of the population. -- Joseph Newhouse, Harvard University Grossman's The Demand for Health did for health economics what Gary Becker's Human Capital did for labor economics by describing the broad, integrative power of human capital theory. -- Robert Michael, University of Chicago The Demand for Health revolutionized economists' theorizing about health. -- Arleen A. Leibowitz, University of California, Los Angeles The Demand for Health quickly had a major impact on health economics and has continued to inspire streams of research ever since. -- Victor Fuchs, Stanford University A pathbreaking work on the demand for health, the production of health, and health capital. -- John Mullahy, University of Wisconsin An elegant study in the tradition of Becker, using micro-economic methods to explore an area of non firm capital formation, and then ingeniously exploiting survey data to test some interesting theoretical propositions. -- J. D. Pole Journal of the Royal Statistical Society A ground breaking work which has produced a model that is theoretically sound, intuitively appealing, and yields significantly testable implications. -- Ronald Anderson The Journal of Economic Literature Grossman's theoretical model, which is a major innovation, treats the demand for health (and the derived demand for medical care) as determined in the context of a life-cycle model of human capital investment. -- David Salkever American Journal of Agricultural Economics
Table of ContentsList of Tables
Foreword to the 2017 Edition
Foreword to the 1972 Edition
Acknowledgments
Introduction and Summary
1. A Stock Approach to the Demand for Health
2. The Shadow Price of Health
3. The Pure Consumption Model
4. An Empirical Formulation of the Model
5. Empirical Results: The Norc Sample
6. Joint Production and the Mortality Data
Appendix A. Utility Maximizations
Appendix B. Derivation of Investment Model Formulas
Appendix C. Derivation of Consumption Model Formulas
Appendix D. Statistical Properties of the Model
Appendix E. Additional Empirical Results
Appendix F. Sources and Methods: Mortality Analysis
Notes
Index
