Medical Costs Over the Long Run: 1850-2050
Altarum Blog Getzen, December 2014
8 Pages Posted: 26 Dec 2014
Date Written: December 25, 2014
The creation of modern medicine was both costly and valuable, raising spending (from 4% of GDP to 15%) and longevity (from 47 to 78 years) during the last century. Examination of events over 10 or 20 years is not sufficient to understand a “medical transformation” that arose from a demographic transition and industrial revolution that took centuries to unfold, nor to forecast the likely path of spending over the next 50 years.
Keywords: Health Spending, Development, Forecasting
JEL Classification: I1; J11; N00; O3
Suggested Citation: Suggested Citation