Course Reflection ( Socio Economics Resources ) ORG-305- What are 3 takeaways of the course you can apply to your career path? Submission Instructions: Your initial post should be at least 150 wor

Health as an Economic Problem

Jennifer Bacuylima

St. Thomas University

Professor Perullas

February 17, 2025

Health as an Economic Problem

Health is an economic problem in two ways: health lowers productivity, misallocates resources, and destabilizes the financial system at the individual and collective levels. Poor health decreases work capacity, reduces earnings, and increases medical expenses, often due to work capacity lost through poor health, increasing the risk of financial hardship (Williams & Cooper, 2019). From a macroeconomic view, a high rate of illness or disability in a population can negatively impact economic growth as it can limit a population's contribution to the workforce and contribute to dependence on government-funded health care. However, rising healthcare costs are also an economic challenge. It is no secret that many nations face the challenge of preserving affordability while staunchly maintaining quality and access to health care. This can impose high burdens on governments, employers, and households, distracting other essential sectors like education and infrastructure. The economic inequality is also due to disparities in healthcare access, as low-income groups are at greater health risk and have access to treatment (Okunrintemi et al., 2019). These issues can be mitigated by public health investments, preventive care, and medical research, reducing long-term healthcare costs and increasing workforce productivity. Consequently, health is best addressed as an economic problem, for which policies must promote affordable healthcare, equitable access, and sustainable funding systems to ensure both economic stability and improved health outcomes.

References

Okunrintemi, V., Khera, R., Spatz, E. S., Salami, J. A., Valero-Elizondo, J., Warraich, H. J., ... & Nasir, K. (2019). Association of income disparities with patient-reported healthcare experience. Journal of general internal medicine, 34, 884-892.

Williams, D. R., & Cooper, L. A. (2019). Reducing racial inequities in health: using what we already know to take action. International journal of environmental research and public health, 16(4), 606.