The Economic Value of Medical Research

@inproceedings{Murphy1999TheEV,
  title={The Economic Value of Medical Research},
  author={Kevin M. Murphy and Robert H. Topel},
  year={1999}
}

• Kevin M. Murphy, Robert H. Topel
• Published 1999

Basic research is a public good, for which social returns may greatly exceed private ones. This paper develops an economic framework for evaluating the social benefits of medical research. We begin with a model of the economic value of health and life expectancy, which we apply to US data on overall and disease-specific mortality rates. We calculate (i) the social value of increased longevity that took place from 1970 to 1990 and, (ii) the social value of potential future progress against… CONTINUE READING

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