A Dynamic Relationship Between Health and Economy
The performance of your health is completely reflected on the economy as well as on the health systems. Investing upon health is not just a desirable, but also an essential priority for most societies. Though, our health systems often face challenges that are tough as well as complex, in some part derived from new pressures like aging populations, growing prevalence of chronic illnesses, and intensive use of expensive yet vital health technologies.
Additionally, we must deal with higher expectations of citizens and resolving persistent inequities in access and in health conditions among different groups. Wondering about the issue of how to ensure the financial sustainability of health systems, while creating a positive contribution towards the macroeconomic performance, it has moved to the top of the policy agenda that is across the OECD area.
The ample work undertaken in the OECD Health Product has intended at providing policymakers with the evidence that they are needed to promote more value for money in the health sector while confirming universal access, equity along with raising the quality of care. There is a lot that has been learned even though there is more to discover.
In order to brief about the relationship between health and economic growth, it is necessary to understand the concept of health in a broad sense. When we talk about health, it is not only the absence of illnesses but also the ability of people to develop to their potential during their entire lives.
In accordance with that health is an asset that individuals possess, which has an important source of well-being as well as instrumental value. In terms of instrumental, health impacts economic growth in a number of ways. For instance, it reduces the production losses due to worker illness, it also increases the productivity of adults as a result of better nutrition and its lower absenteeism rates and improves learning among school children. Health also agrees for the usage of natural resources that might normally be destined for the treatment of ill health.
Health has its effects on economic growth directly through the productivity of labor and the economic burden of illnesses. Health also has an impact on economic growth indirectly since aspects such as child health affect the future income of people through the impact that health has on education.
This kind of indirect impact is way easier to understand if it is observed on a family level. When a family is healthy, both the father and mother can hold a job and earn money that allows them in feeding, protecting, and sending their children to school. When children are healthy and well-nourished, they will perform better in school and this would lead to a positive impact on their future income. Also, the health loss affects the poor to a great level, as at times the only asset they acquire to have is their body.