There’s been a lot of recent discussion about relative economic performance of the EU and US as well as (mostly separately) discussion of differences in mortality rates. One way to integrate the two is to think of living in the US as a (very) dangerous occupation, and think about the wage premium demanded by workers to take up such occupations, relative to comparable low-risk jobs.
Much of the higher death rate in the USA is borne by the poor. The cost for the median person might be different than assuming the death rate is uniform.
Brilliant post John. And your post demonstrates it is feasible to create an overall health and economic well-being index which would be an improvement on GDP or NNI. And adding in the value of leisure, household production and education would make for an even more useful index. Only need to have a good way of estimating the value of environmental and social capital, and with a good equity adjustment and we have a comprehensive wellbeing index.
Much of the higher death rate in the USA is borne by the poor. The cost for the median person might be different than assuming the death rate is uniform.
Interesting way of seeing it.
Brilliant post John. And your post demonstrates it is feasible to create an overall health and economic well-being index which would be an improvement on GDP or NNI. And adding in the value of leisure, household production and education would make for an even more useful index. Only need to have a good way of estimating the value of environmental and social capital, and with a good equity adjustment and we have a comprehensive wellbeing index.