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This paper analyzes the macroeconomics of HIV/AIDS. The paper highlights that the mortality and morbidity associated with AIDS make it unlike most other types of sickness and disease. The paper describes the most common approaches used in accounting for growth in the context of an HIV/AIDS epidemic. The impact of HIV/AIDS on education and the accumulation of human capital is discussed. The paper also discusses the impact of HIV/AIDS on the public sector, and elaborates certain demographic events specific to the HIV/AIDS pandemic.
This book explains how, and why, economics has been applied to a terrible pandemic, using a range of examples mostly drawn from the region most affected, sub-Saharan Africa. Part I shows that microeconomic approaches have found fertile ground in a public health approach that ‘blames’ individual choices for HIV transmission. Despite their attractiveness, however, these approaches fail to explain contemporary patterns of HIV prevalence, illustrating the importance of factors that are excluded from the standard micro-economic approach. Part II of the book looks at our problems in understanding the economic impact of AIDS, and explains why economists cannot agree if epidemic disease is a good or bad thing for economic development. In both sections of the book, the potential for alternative approaches is shown, and the book ends by arguing that a political economy approach can bring meaningful insights to our understanding of the spread and impact of HIV/AIDS.
This book fills an important gap by identifying the economic roots of HIV and AIDS in South and South East Asia. The Economics of HIV and AIDS contains case studies from India, Sri Lanka and Thailand. Four of these are based on primary data and are original. Each uses common economic concepts to assess the costs of HIV and AIDS and explores the impact of HIV and AIDS on economic growth, and the economic roots of the two diseases. This book provides a new perspective on the economic impact of the HIV and AIDS epidemic by emphasizing the class differentials both in the vulnerability of social groups and their access to services.
"The association of the slow economic growth and development of a country on the one side, and the poor health of its people on the other side, is quite obvious. Formerly, the common sense was that low income in developing countries causes their bad condition concerning healthiness, but recent economic research increasingly considers the causal link between this two phenomena running the other way round. That is, poor health has a negative effect on per capita income, as it leads to lower labour productivity, lower investments in human capital and, by affecting the people's saving behaviour, in physical capital, and furthermore has an influence on the country's demography. The purpose of this paper is to identify the impact of the HIV/AIDS crisis on the South African economy and how this impact affects South Africa's economic growth and therefore its prospects for development. Economic impact "can be defined as that which causes the diversion of resources too uses that would not have been necessary in the absence of HIV/AIDS, and decreased production due to the disease". As this economic impact occurs through various channels, on different levels, it seems reasonable to approach the problem on these different levels, namely households, firms and business, and the macro economy."--p. 3.
The paper addresses the impact of HIV/AIDS on per capita output and income, with particular emphasis on the role of labor mobility between the formal and informal sectors, and the impact of the epidemic on investment decisions. The study finds that HIV/AIDS affects both the supply of labor and the demand for labor in the formal sector. Only if there is a significant rise in the capital-labor ratio, will there be an increase in formal sector employment. However, this is associated with a decline in the rate of return to capital. To the extent that companies respond to this by reducing investment, conventional models underestimate the adverse impact on employment, per capita output, and income. The analysis of the impact of HIV/AIDS on output is complemented by an assessment of the impact on income.
The global response to HIV/AIDS has been a major aspect of global health and development policy over the last three decades. The book illustrates the devastating health impacts of the epidemic, with life expectancy in some countries falling to the lowest levels observed anywhere, and the remarkable success of the global HIV/AIDS response in reversing such extreme outcomes. Concerns about the implications of HIV/AIDS for economic development have played a role in motivating the global HIV/AIDS response. However, evidence on the impacts of HIV/AIDS on economic growth or poverty is weak, and the magnitude and relevance of such economic effects appears trivial compared to the consequences for life and health. Because of the success in extending access to treatment globally, HIV/AIDS has effectively transitioned into a chronic disease. This means that HIV/AIDS absorbs not only a substantial chunk of current global and national financial resources, but that these spending needs are projected to persist over decades. The costs of the HIV/AIDS response thus resemble a long-term financial liability, shaped by past and current policies. Relatedly, the calculus of cost-effectiveness of HIV/AIDS interventions has changed. People who become infected with HIV can now expect to not die because of AIDS; at the same time, each HIV infection results in medical needs and expenditures extending over decades. The book presents a framework for integrating these financial consequences and the transmission dynamics of HIV in the analysis of cost-effectiveness of HIV/AIDS interventions and in the design of HIV/AIDS programs.
HIV/AIDS is seen as not only the leading cause of death in SSA region but a major public health challenge. Currently, 13% of total population workforce in the region lives with the epidemic; the above means that one in every ten adults in the region is HIV/AIDS positive. Regrettably so, there is a link between the epidemic prevalence and poverty. As a result, the study empirically examined the impact of HIV/AIDS burden on economic growth in selected Sub-Saharan Africa (SSA) countries: Evidence from a dynamic system GMM estimates utilizing cross-country series of 18 countries in the region for the period of 1986-2015. The choice of the selected 18 SSA countries was driven by factors such as degree of prevalence of the epidemic, level of economic growth and regional affiliations resulting in four major regional blocs: SADC, ECOWAS, CEMAC and COMESA. Expectedly, the study employed a two-step dynamic Blundell-Bond system GMM panel estimation technique alongside with the Diebold and Yilmaz (2012) index variance decomposition approach. This was done to achieve conditional convergence in the growth equation and also to disaggregate the prevalence shock due to the epidemic burden. Series such as output per capita, output per capita growth, HIV/AIDS prevalence, public health expenditure, total investment, number of school enrollment are amongst others used in the study. Several pre-and post-diagnostics were accordingly carried out amongst which are Windmeijer (2005) finite sample correction for standard errors, stationarity test while controlling for heterogeinety, endogeneity or omitted variable biases, Hansen J-statistic for identification, Diff-in-Hansen test for validity of the additional moment restrictions, Breusch-Pagan Lagrange multiplier (LM) and Hausman tests for acceptability of the RE model etc. The findings from the study revealed that HIV/AIDS prevalence, not only have impacted negatively on human capital development and output growth in the region but has also currently been transmitting burden amongst member states thereby rendering the entire region vulnerable; particularly the low income countries. It further found that prevalence rate and income level of a country determines the level of her vulnerability to the epidemic burden in the region. The study therefore recommends that since members of SADC sub-region with very high prevalence rates are seen as powerful vector of contagion; therefore, a good understanding of cross-border epidemic burden spillovers on growth within the region is essential for policy coordination in the areas of preventive measures (reducing morbidity and mortality), improved capital inflow for inclusive growth ceteris paribus. Finally, it was recommended that the region should drive growth process as a unit.