Reference no: EM131512866

Economic growth entails the process of increasing a nation's productivity (output) over time, which leads to an increase in the average standard of living of its citizens. In addition, the increase in the standards of living (high income level, access to education, better health indicators such as high life expectancy and low infant mortality rates) leads to higher productivity level and thus, higher rate of economic growth. Healthier and more educated labor force is more productive and remains active in the labor market much longer since healthier people live longer. Some economists argue that the process of human capital accumulation (accumulation of knowledge through education and work experience) also include investment in nutrition and good health since they contribute to the productivity of labor force. In other words, healthy people can remain in the labor market longer and continue to be productive even when they are older.

The evolution of modern medicine has contributed to the overall improvement of humans' health indicators. People live longer these days and can remain healthy and strong (productive), on average, much longer than 100 years ago. The presence of a functioning healthcare system in any society is a factor that contributes to economic growth through providing people access to medicine and treatments that keep them healthy and productive.

Do the structure, cost, spending, and accessibility to the healthcare system in the US serve the long-term economic growth path? In other words, is the healthcare system in the US efficient? Support your argument with facts and statistics.