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This study provides new evidence regarding the extent to which medical care mitigates the economic consequences of various health shocks. To obtain causal effects, I focus on the role of medical scientific discoveries and leverage the longitudinal dimension of unique administrative data on adults in Sweden, their partners, and their working-age chi...
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Context 1
... to measure the magnitude and dynamics of these responses for these groups as well as define how these responses align with the conceptual model of family health production. Table 2 presents the estimates of the impact of the individual's health shock on the total family disposable income for two years and for each event year. The overall impact of an individual's health shock on family income is usually ambiguous because it is the ultimate outcome of multidirectional responses. ...Context 3
... the individual, Table 2 shows that the income loss is only 5% or 9644 SEK and emerges due to several counterbalancing responses. However, there is a substantial reduction in wages (38%, or 83 008 SEK). ...Context 4
... Table 2 If welfare payments cushion wage losses due to the onset of the health shock, irrespective of the severity and persistence of the health problems in the longer run, no differences in the family income responses across diseases are expected; however, this study's results indicate the opposite. Previous studies have shown that different health shocks affect an individual's earnings to different extents; for instance, the effects are particularly significant and permanent in the case of acute dramatic health events-and milder but still permanent in cases of chronic diseases with slow degeneration (McClellan, 1998). ...Context 5
... is possible to calculate the sum of both effects to obtain the combined impact of medical innovation because both these measurements are independent and complementary. For independent measurements, as provided in this study, the standard error (SE) of the coefficient estimate in terms of one standard deviation decline in family income due to the health shock (32%, from Table 2), I find that medical discoveries moderated more than half of the family income loss. In absolute terms, medical innovations returned 58 773 SEK per individual year (328 030 SEK × 18%). ...Similar publications
[This corrects the article DOI: 10.1371/journal.pone.0249088.].
