Report
Why is healthcare spending positively correlated with productivity gains and the employment rate?
When comparing OECD countries, we see that public and total healthcare spending is positively correlated with productivity gains and the employment rate , so rationing healthcare spending would be highly ineffective. But why is healthcare spending associated with higher productivity gains and employment rates? The first possible explanation is “internal”: the healthcare sector (including pharmaceuticals) has significant job creation potential and a high level of productivity; The second possible explanation is “external”: high healthcare spending improves the population's health condition, and therefore boosts productivity and employment; The third possible explanation is the reverse: countries with high productivity gains and employment rates have high GDP levels and can afford to have high health spending. We favour the first and third explanations.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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