Introducing Health Economics - PowerPoint PPT Presentation

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Introducing Health Economics

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Max. bens/min. resources = efficiency. HEA PTP: M207 Health Economics. 5 ... ECONOMICS = costs (resource use) benefits. choice. efficiency ... – PowerPoint PPT presentation

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Title: Introducing Health Economics


1
Introducing Health Economics
  • Economics, Health and Health Economics
  • Key Economic Concepts
  • Exercise
  • Seminar Allocation

2
Economics, Health and Health Economics
  • 1. What is Economics?
  • 2. What is Health?
  • 3. What is Health Economics?

3
What is Economics?
  • Economics is
  • concerned with money?
  • the same as accountancy?
  • only practised by economists?
  • objective?

4
Economics in a nutshell
  • Resources are scarce
  • What we want is unlimited
  • Therefore involves choice
  • Max. bens/min. resources efficiency

5
Pessimist bottle ½ empty
Optimist bottle ½ full
Economist bottle ½ wasted
inefficient!
6
Economics and Money
  • ECONOMICS costs (resource use)
  • benefits
  • choice
  • efficiency
  • MONEY store of value
  • means of exchange

7
Economics ? Accountancy
  • ECONOMICS costs (resource use)
  • benefits
  • choice
  • efficiency
  • ACCOUNTANCY monitor of financial
    transactions

8
Only Economists Practice Economics?
  • ECONOMICS costs (resource use)
  • benefits
  • CHOICE
  • efficiency
  • Weigh-up relative benefits of each course of
    action and choose the action which maximises
    well-being.

9
Economics ? Objective
  • All decisions are based on subjective value
    judgements.
  • Economics makes these explicit.

10
Topic Versus Discipline
  • TOPIC area of study
  • DISCIPLINE conceptual apparatus
  • Health economics is the discipline of economics
    applied to the topic of health.

11
What is Health?
  • World Health Organisation
  • Health is a state of complete physical, mental
    and social well-being
  • Health Economics is often Health Care
    Economics.

12
Task of Economics
  • Descriptive quantification
  • Predictive identify impact of change
  • Evaluative relative preference over
    situations
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