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  • January 2023 Newsletter
The true value of health
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IZA World of Labor
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“If you have your health, you have everything”? This completely trite saying is known to most English-speakers; but is it correct?

 

Daniel S. Hamermesh doubts it. In his latest opinion piece he writes: I could be completely healthy but lack enough income to allow me to enjoy even a minimally nutritious meal. I could be so busy, feeling so short of time, that although in excellent health I am totally frazzled.


One economic way of thinking about health is how it affects our ability to enjoy the things we are doing. Economists view us as taking the time we have and using it along with our income to create “commodities” that we enjoy consuming. Some take a lot of money and very little time—me watching a Rolling Stones concert in Madison Square Garden in my home town, for example. Others take little money but a lot of time—sleep, for example. For all of us both money and time are scarce; we want more of each. Nonetheless, study after study find that it worsens labor market conditions for workers who represent the manpower used to produce the outsourced goods and services. These workers enjoy lower wages and benefits, such as employer-financed health insurance, than their non-outsourced peers. Thus, this trend raises concerns about the role of outsourcing as an additional cause of rising inequality of earnings.

Continue reading

Watch our latest videos:

IZA World of Labor discussion on inflation and the labor market

IZA World of Labor discussion on the macroeconomics of labor productivity

IZA World of Labor discussion on inequality and post transition in emerging economies


Latest articles:

  • Covid-19 and the youth-to-adult unemployment gap (Deutsch) by Francesco Pastore

  • Does government spending crowd out voluntary labor and donations? (Deutsch) by Julia Bredtmann and Fernanda Martínez Flores

  • Fertility postponement and labor market outcomes (Deutsch) by Massimiliano Bratti


Latest opinion pieces:

Labor market concentration and competition policy across the Atlantic

There is wide purview for the European Commission and other European competition authorities to scrutinize monopsony power in the labor market.

 

The gift of a lifetime: The hospital, modern medicine, and mortality

Investments in the modernization and expansion of hospitals have multiple benefits.

 

The impact of limiting the outsourcing of jobs

Restricting outsourcing does not lead to employment destruction.

 
Read more opinion pieces

Labor economics in the news:

Long Covid hurting US economy; Union support rising in UK despite strikes

 
 

Japan’s population crisis; Portugal to swap Cape Verde debt for environmental investment

 
 

China’s population falls; UK government blocks Scottish gender bill

 
 
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  • Latest Articles
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