Editing Economic growth (section)

=== Health ===
Here, health is approached as a functioning from [[Amartya Sen]] and [[Martha Nussbaum]]'s [[capability approach]] that an individual has to realise the achievements like economic success. Thus health in a broader sense is not the absence of illness, but the opportunity for people to biologically develop to their full potential their entire lives <ref name=Lustig>{{Cite journal|last=Lustig|first=Nora|year=2006 |title=Investing in health for economic development: The case of Mexico |journal=WIDER Research Paper |isbn=9291907987 |location=Helsinki |publisher=The United Nations University World Institute for Development Economics Research |url=https://www.econstor.eu/bitstream/10419/63484/1/510836623.pdf |issue=2006/30}}</ref> It is established that human capital is an important asset for economic growth, however, it can only be so if that population is healthy and well-nourished. One of the most important aspects of health is the mortality rate and how the rise or decline can affect the labour supply predominant in a developing economy.<ref name="Longevity and Life cycle Savings">{{Cite journal|last1=Bloom |first1=David|last2=Canning|first2=David|last3=Graham|first3=Bryan|year=2003|title=Longevity and Life cycle Savings |journal=The Scandinavian Journal of Economics|volume=105|issue=3|pages=319–338|s2cid=11960778 |doi=10.1111/1467-9442.t01-1-00001|url=https://onlinelibrary.wiley.com/doi/full/10.1111/1467-9442.t01-1-00001}}</ref> Mortality decline triggers greater investments in individual human capital and an increase in economic growth. [[Matteo Cervellati]] and [[Uwe Sunde]]<ref name="aeaweb.org">{{Cite journal |last1=Cervellati|first1=Matteo|last2=Sunde|first2=Uwe|year=2005|title=Human Capital Formation, Life Expectancy, and the Process of Development |journal=American Economic Review |volume=95 |issue=5 |pages=1653–1672 |pmid=29125727 |doi=10.1257/000282805775014380 |url=https://www.aeaweb.org/articles?id=10.1257/000282805775014380}}</ref> and [[Rodrigo.R Soares]]<ref name="Soares 2005">{{Cite journal|last=Soares|first=Rodrigo R.|year=2005|title=Mortality Reductions, Educational Attainment, and Fertility Choice|journal=American Economic Review |volume=95 |issue=3 |pages=580–601 |pmid=29125724 |doi=10.1257/0002828054201486 |url=https://www.aeaweb.org/articles?id=10.1257/0002828054201486}}</ref> consider frameworks in which mortality decline has an influence on parents to have fewer children and to provide quality education for those children, as a result instituting an economic-demographic transition.

The relationship between health and economic growth is further nuanced by distinguishing the influence of specific diseases on [[GDP]] per capita from that of aggregate measures of [[health]], such as [[life expectancy]]<ref name="Health and Economic Growth">{{Cite SSRN|last1=Bloom|first1=David|last2=Kuhn|first2=Michael|last3=Prettner|first3=Klaus|year=2018|title=Health and Economic Growth|ssrn=3301688}}</ref> Thus, investing in health is warranted both from the growth and equity perspectives, given the important role played by health in the economy. Protecting health assets from the impact of systemic transitional costs on economic reforms, pandemics, economic crises and natural disasters is also crucial. Protection from the shocks produced by illness and death, are usually taken care of within a country’s social insurance system. In areas such as Sub-Saharan Africa, where the prevalence of [[HIV and AIDS]], has a comparative negative impact on economical development. It will be interesting to see how research in the areas of health in near future uncover how the world will be performing living with the [[SARS-CoV-2]], especially looking at the economic impacts it already has in a space of two years. Ultimately, when people live longer on average, [[human capital]] expenditures are more likely to pay off, and all of these mechanisms center around the complementarity of longevity, [[health]], and [[education]], for which there is ample empirical evidence.<ref name="Health and Economic Growth"/><ref name=Lustig/><ref name="aeaweb.org"/><ref name="Soares 2005"/><ref name="Longevity and Life cycle Savings"/>