The Gross man Model of Health Demand Essay Essay Assignment Paper
The Gross man Model of Health Demand Essay Essay Assignment Paper
Michael Gross man was a health economist who developed the optimal control model of health demand and medical care in the year 1972.
The prime focus of the Gross man Model is health which is seen as a durable capital stock that produces an output of healthy time. It is being assumed that individuals inherit the initial stock of health that gets depleted with time and age and its value can only be increased through investment.
The Gross man Model of Health Demand Essay Essay Assignment Paper
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Such a health investment is very similar to the wage rate system in the human capital models.
A person’s stock of knowledge affects the market productivity while the health stock determines the total amount of time one can spend on earning money and resources. An Individual’s health depends upon the person’s stock of health and duration of life.
People can make their health better by dieting, exercising, healthy habits, sleeping enough, and through another natural process.
Taking care of health requires an investment in the form of money and time but all the time cannot be spent on improving health. Work is also required to generate income so that better goods and services can be consumed during the lifetime. Also, there will be no leisure time to enjoy one’s life.
Therefore, such an individual who cannot spend his time on health will focus more on the monetary aspect of spending on medicines and doctors.The Gross man Model of Health Demand Essay
According to the Gross man model, it is said that unlike human capital which is affected due to the wage rate and productivity, health does not get affected by productivity.
Health is determined on the basis of the number of days a person can work as it would ensure that such a person is not sick. It affects the salary of a person annually but not the wage per hour.
‘Shadow price’ of health depends upon other factors apart from the price of medical care. It rises with the age of the person as the health deteriorates.
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