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Measuring the Gains from Medical Research
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Measuring the Gains from Medical Research: An Economic Approach

Kevin M. Murphy and Robert H. Topel

Abstract

In 1998, health expenditures in the United States accounted for 12.9 percent of national income—the highest share of income devoted to health in the developed world. The United States also spends more on medical research than any other country—in 2000, the federal government dedicated $18.4 billion to it, compared with only $3.7 billion for the entire European Union. In this book, health economists ask whether we are getting our money's worth. From an economic perspective, they find, the answer is a resounding “yes”: in fact, considering the extraordinary value of improvements to health, we ma ... More

Keywords: health expenditures, medical research, federal government, health economists, longevity, consumption, medical advances, mortality, cancer, heart disease

Bibliographic Information

Print publication date: 2003 Print ISBN-13: 9780226551784
Published to Chicago Scholarship Online: February 2013 DOI:10.7208/chicago/9780226551791.001.0001

Authors

Affiliations are at time of print publication.

Kevin M. Murphy, editor

Robert H. Topel, editor

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