G20 Ülkelerinde Sağlık Harcamalarının Ekonomik Büyüme Üzerindeki Etkisinin Analizi(Analysis of The Effect of Health Expenditures on Economic Growth in G20 Countries)

Abstract

The inclusion of knowledge, skills and intangible labor processes in the physical capital argument especially after the 1980s indicates a new historical momentum. Human capital, which is understood as the anti-thesis of physical capital, is the product of these periodic conditions. In human capital, there is a people-centered approach. Therefore, education, health, population or demographics as a whole are taken into account. However, when human capital is mentioned in economic studies, it is mainly focused on the relationship between education expenditure and economic growth. The aim of the study is to investigate the relationship between health expenditure and economic growth, another important component of the human capital factor, in particular in G20 countries using the panel data econometrics method. In this context, according to the Dumitrescu-Hurlin (2012) panel causality test, a one-way causality relationship exists from economic growth figures to health expenditure. Looking at the results of long-term co-ordination coefficients, it was found that increases in health expenditure (SH) per capita for the overall panel had a positive and statistically significant effect on economic growth (EB) figures. According to this result, it was concluded that 1% increase in health expenditure per capita boosted the long-term economic growth figures by 0.81 %.

Keywords

• health expenditure
• economic growth
• panel data econometrics