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The Economics of the Global Response to HIV/AIDS$
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Markus Haacker

Print publication date: 2016

Print ISBN-13: 9780198718048

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198718048.001.0001

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Macroeconomic Consequences of HIV/AIDS

Macroeconomic Consequences of HIV/AIDS

(p.49) 4 Macroeconomic Consequences of HIV/AIDS
The Economics of the Global Response to HIV/AIDS

Markus Haacker

Oxford University Press

While it is plausible that HIV/AIDS slows down GDP growth in the longer run, as a relatively smaller population translates into lower GDP, the empirical evidence on the impact of HIV/AIDS on economic growth is weak. In the empirical literature on economic growth, life expectancy is often used as a proxy for ‘health capital’, and studies calibrating the impact of HIV/AIDS on growth through such a growth regression, combined with an estimate of the link between life expectancy and GDP, find large effects of HIV/AIDS on growth. However, studies estimating the link between HIV/AIDS and growth directly, including estimates of the state of HIV/AIDS in a growth regression, tend to find no effect. Studies evaluating the impact of HIV/AIDS on mortality and on living standards, applying concepts like ‘full income’ or the ‘value of statistical life,’ return an estimated loss of up 70 per cent of GDP (Botswana, 2000).

Keywords:   HIV/AIDS, economic growth, health and growth, mortality, full income, value of statistical life

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