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On the Concept of Health Capital and the Demand for Health

M. Grossman

1972 · DOI: 10.1086/259880
Journal of Political Economy · 7,629 Citations

TLDR

A model of the demand for the commodity "good health" is constructed and it is shown that the shadow price rises with age if the rate of depreciation on the stock of health rises over the life cycle and falls with education if more educated people are more efficient producers of health.