Valuing Productive Non-market Activities of Older Adults in Europe and the US

Bloom, David E.; Khoury, Alex; Algur, Eda; Sevilla, Jaypee

doi:10.1007/s10645-020-09362-1

Cited by 22 publications

(18 citation statements)

References 34 publications

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“…In the context of health care, older adults are often viewed as an economic burden on resources; however, the reality is that older adults are the bedrock and foundation upon which our society is built, based on their past, current and future contributions to society and the economy. Recent economic analyses have estimated that older adults make contributions to our economy of over $250 billion per year 15 . They provide family support, caregiving, paid and volunteer work, and invaluable contributions to community infrastructure globally.…”

Section: Commentmentioning

confidence: 99%

Creating an anti-ageist healthcare system to improve care for our current and future selves

Inouye

2021

Nat Aging

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Section: Commentmentioning

confidence: 99%

Creating an anti-ageist healthcare system to improve care for our current and future selves

Inouye

2021

Nat Aging

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“…Acemoglu et al, 2020 , Alwan et al, 2020 , Axios. (Jun 23, 2020 , Bloom et al, 2020a , Bloom et al, 2020b , Bloom et al, 2019 , Bloom et al, 2020c , Bloom et al, 2020d , Chen et al, 2019a , Chen et al, 2020a , Chen et al, 2020b , Chen et al, 2020c , Chen et al, 2019b , Chen et al, 2019c , Chen et al, 2020d , Chen et al, 2020e , Chen et al, 2020f , Chen et al, 2020g , Geoffard, 2020 , Greenstone and Nigam , International Monetary Fund, June 2020 , International Monetary Fund, April 2020 , Johns Hopkins University. (Oct 19, 2020 , Prettner and Strulik, 2020 , U.S. Bureau of Labor Statistics.…”

Section: Uncited Referencesmentioning

confidence: 99%

The economic burden of COVID-19 in the United States: Estimates and projections under an infection-based herd immunity approach

Chen

Prettner

Kühn

et al. 2021

The Journal of the Economics of Ageing

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Objectives To assess the economic burden of COVID-19 that would arise absent behavioral or policy responses under the herd immunity approach in the United States and compare it to total burden that also accounts for estimates of the value of lives lost. Methods We use the trajectories of age-specific human and physical capital in the production process to calculate output changes based on a human capital–augmented production function. We also calculate the total burden that results when including the value of lives lost as calculated from mortality rates of COVID-19 and estimates for the value of a statistical life in the United States based on studies assessing individual’s willingness to avoid risks. Results Our results indicate that the GDP loss associated with unmitigated COVID-19 would amount to a cumulative US$1.4 trillion by 2030 assuming that 60 percent of the population is infected over three years. This is equivalent to around 7.7 percent of GDP in 2019 (in constant 2010 US$) or an average tax on yearly output of 0.6 percent. After applying the value of a statistical life to account for the value of lives lost, our analyses show that the total burden can mount to between US$17 to 94 trillion over the next decade, which is equivalent to an annual tax burden between 8 and 43 percent. Conclusion Our results show that the Unite States would incur a sizeable burden if it adopted a non-interventionist herd immunity approach. Funding Research reported in this paper was supported by the Alexander von Humboldt Foundation, the Bill & Melinda Gates Foundation (Project INV-006261), and the Sino-German Center for Research Promotion (Project C-0048), which is funded by the German Research Foundation (DFG) and the National Natural Science Foundation of China (NSFC). The statements made and views expressed are solely the responsibility of the authors.

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“…In addition to the previously described market productivity and education gains, productivity can also include quantifiable nonmarket, unpaid productivity gains for adults who contribute to society through volunteer or philanthropic work; caregiving for children, grandchildren, or elderly people; and housework. 76 Undercounting these types of productivity especially undervalues the benefits of vaccines for women and the elderly population, who generally perform more of these activities. 76…”

Section: Vaccines Enhance Productivity Of Populationsmentioning

confidence: 99%

“…76 Undercounting these types of productivity especially undervalues the benefits of vaccines for women and the elderly population, who generally perform more of these activities. 76…”

Section: Vaccines Enhance Productivity Of Populationsmentioning

confidence: 99%

Economic Evaluation of Vaccines: Belgian Reflections on the Need for a Broader Perspective

et al. 2021

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The standard framework of economic evaluation of health programs, which is increasingly used for policy funding decisions, is insufficiently equipped to reflect the full range of health and economic benefits conferred by vaccines and thus undervalues vaccination.Methods: In 2019, a group of Belgian health economic and clinical experts, supported by 2 senior international vaccination experts (1 American, 1 Belgian), convened 4 roundtable meetings to highlight which particular value elements of vaccination remain neglected in economic evaluations.Results: They concluded that the standard economic evaluation framework fails to reflect the full value of vaccination with respect to prevention of complications linked to some vaccine-preventable diseases, health gains for caregivers, herd effects, changes in exposure to and distribution of serotypes, the effect on antimicrobial resistance, productivity gains for caregivers and patients, and the distributive implications of vaccination programs.Conclusions: Here, suggestions are made regarding how these shortcomings can be addressed in future economic evaluations of vaccines and how a more level playing field between vaccines and other health programs can be created.

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Valuing Productive Non-market Activities of Older Adults in Europe and the US

Cited by 22 publications

References 34 publications

Creating an anti-ageist healthcare system to improve care for our current and future selves

Creating an anti-ageist healthcare system to improve care for our current and future selves

The economic burden of COVID-19 in the United States: Estimates and projections under an infection-based herd immunity approach

Economic Evaluation of Vaccines: Belgian Reflections on the Need for a Broader Perspective

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