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Introducing Health Economics. Economics, Health and Health Economics Key Economic Concepts Exercise Seminar Allocation. Economics, Health and Health Economics. 1. What is “Economics”? 2. What is “Health”? 3. What is “Health Economics”?. What is “Economics”?. Economics is …

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introducing health economics
Introducing Health Economics
  • Economics, Health and Health Economics
  • Key Economic Concepts
  • Exercise
  • Seminar Allocation
economics health and health economics
Economics, Health and Health Economics

1. What is “Economics”?

2. What is “Health”?

3. What is “Health Economics”?

what is economics
What is “Economics”?

Economics is …

  • concerned with money?
  • the same as accountancy?
  • only practised by economists?
  • objective?
economics in a nutshell
Economics in a nutshell
  • Resources are scarce
  • What we “want” is unlimited
  • Therefore involves “choice”
  • Max. bens/min. resources = efficiency

Pessimist: bottle ½ empty

Optimist: bottle ½ full

Economist: bottle ½ wasted


economics and money
Economics and Money

ECONOMICS = costs (resource use)




MONEY = store of value

means of exchange

economics accountancy
Economics  Accountancy

ECONOMICS = costs (resource use)




ACCOUNTANCY = monitor of financial transactions

only economists practice economics
Only Economists Practice Economics?

ECONOMICS = costs (resource use)




Weigh-up relative benefits of each course of action and choose the action which maximises well-being.

economics objective
Economics  Objective

All decisions are based on subjective value judgements.

Economics makes these explicit.

topic versus discipline
Topic Versus Discipline

TOPIC = area of study

DISCIPLINE = conceptual apparatus

Health economics is the discipline of economics applied to the topic of health.

what is health
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.

task of economics
Task of Economics

Descriptive = quantification

Predictive = identify impact of change

Evaluative = relative preference over situations