What is Health Economics? In tsession we will cover: ? A definition of health economics ? Positive versus normative economics ? Aims, scope and limitations of economics ? The production of health care and health ?

MAKING DECISION ONLINE LECTUREWhat is Health Economics? In tsession we will cover: ? A definition of health economics ? Positive versus normative economics ? Aims, scope and limitations of economics ? The production of health care and health ? Health care for whom?What is Health Economics? ? A definition:-the application of the discipline and tools of economics to the subject matter of health (Culyer 1981) ? The discipline of economics describes a way of thinking about problems of resource allocation ? Economics is:the science of choiceDefinition of Economics The study of how men and society end up choosing with and without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities and distribute them for consumption, now or in the future, among various people and groups in society. It analyses the costs and benefits of improving patterns of resource allocation.Fundamental concepts Resource Scarcity Land, Lab our and Capital Choice in what to produce and what to consume Opportunity Cost benefits forgone in the next best use of those resources Efficiency and EquityWhat is health economics? ? Positive economics analyses how economic agents (people, firms, hospitals etc) actually behave. ? Normative economics considers what role the government ought to play in the running of the economy. Normative economics is value laden. ? Values are present in both positive and normative economicsWhat is Health Economics? Part 2 The scope of health economicsA. What influences health (apart from health care)?B. What is health and what is its value? ? Consequentialist approach to health ? What are the outcomes of health care? ? Beyond consequentialismdoes process matter?C & D. Demand & Supply of health care ? Markets ? ?How much of what sorts of resources to allocate, to the production of which forms of health care, how, and for whom?? (Evans, 1984) ? supply, demand, price and utility ? Adam Smith?s ?invisible hand?E. Micro Economic Evaluation ? AIMEfficiency ? MeansCost Effectiveness Analysis (CEA)Cost Minimization Analysis (CMA)Cost Utility Analysis (CUA)Cost Benefit Analysis (CBA)Economic Objectives of Health Care ? Efficiencyallocating resources in such a way that maximizes the (health) benefits to society and minimize costs.Two levels of efficiency ? Allocative efficiencyis something worth doing? (benefits exccosts)getting the right mix of (health care) servicesis based on the utilitarian ethic of maximizing satisfaction for the greatest number of individualsTwo levels of efficiency ? Operational efficiencyif something is worthwhile doing, what is the best way of providing it (at least cost)?maximum output for a given level of resources orminimum cost for a given level of outputF. Market equilibrium ? Is health care ever in equilibrium?G. Evaluation at whole system level ? To what extent does the HC system meet equity and efficiency objectives? G. Evaluation of the whole system ? Are we meeting the objectives of our health system? H. Planning, budgeting and monitoring mechanisms ? How do we optimise the outcomes of the health care system? ? e.g. Pharmaceutical Benefits Advisory Committee (PBAC) ? e.g. Medical Services Advisory Committee (MSAC)

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