Economists have long been worried about income inequality and its effects on welfare. For instance, workers with a college degree earn on average much more than those who did not complete high school. This disparity translates into large differences in consumption levels and hence welfare (see, for instance, Heathcote et al. 2010).
Who lives longer?
Josep Pijoan-Mas, Víctor Ríos-Rull, 30 September 2012
Diseases and development: Does life expectancy increase income growth?
Uwe Sunde, Matteo Cervellati, 6 January 2012
Across countries, high life expectancy is associated with high income per capita. But do improvements in life expectancy cause increases in per capita income? The answer to this question has far-reaching implications. Support to implement better health infrastructure may not only affect individual well-being, but also foster economic development.
Improving child health reduces disability and health inequalities among adults: Evidence from Ireland
Liam Delaney, James P Smith, Mark McGovern, 23 October 2011
There have been important improvements in the life expectancy of birth cohorts across time in developed countries at around 3 years per decade. Morbidity also fell at a rate of 50% among the elderly between 1984 and 2000 (Fogel 2005).
Rising inequality between countries in adult length of life
Ryan D Edwards, 10 July 2010
Over just three decades, the difference in life expectancy across the globe has fallen dramatically (Wilson 2001). In 1970, life expectancy at birth was approaching 54 years among the poorest half of the world, nearly 15 years lower than the life expectancy in richer countries.
The quality of medical care, behavioural risk factors, and longevity growth
Frank R. Lichtenberg, 27 June 2009
The cost of medical care continues to rise rapidly in the US and other industrialised countries.
Longevity and investment in human capital: Lessons from today's developed countries
Moshe Hazan, 27 September 2008
Conventional wisdom suggests that an increase in life expectancy raises the time period over which investments in schooling can be amortised, thus raising schooling. Figure 1 shows the positive correlation between life expectancy at age 5 and average years of schooling for American men born between 1840 and 1970.
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