Glossary: economics and health

Abstract

As we emerge from the COVID-19 pandemic, there is an increasing focus on how the economy is rebuilt and the impact this will have on population health. Many of the economic policy proposals being discussed have their own vocabulary, which is not always understood in the same way within or between disciplines. This glossary seeks to provide a common language and concise summary of the key economic terminology relevant for policymakers and public health at this time.

Assessing the effects of population-level political, economic and social exposures, interventions and policies on inclusive economy outcomes for health equity in high income countries: A systematic review of reviews

“…These considerable societal shifts since the mid-2000s have disrupted the status quo, garnered international policy attention on reducing economic inequality (39) and stimulated significant debate regarding alternative 'heterodox' economic approaches (15,40,41), albeit with less progress in terms of significant policy change. A wide spectrum of (often overlapping) concepts, frameworks and potential policies have been proposed including inclusive growth, community wealth building, strengthening the foundational economy, a universal basic income, universal basic services, as well as frameworks such as Doughnut economics and the wellbeing economy (23,40,42,43) (44). This review is focused on 'inclusive economy', which is similar to the term inclusive growth (44,45), but, as we are using it, is more 'neutral' in relation to economic growth (40), more focused on reforming business models and job quality, and considers inclusion important it its own right (44); (46,47).…”

“…A wide spectrum of (often overlapping) concepts, frameworks and potential policies have been proposed including inclusive growth, community wealth building, strengthening the foundational economy, a universal basic income, universal basic services, as well as frameworks such as Doughnut economics and the wellbeing economy (23,40,42,43) (44). This review is focused on 'inclusive economy', which is similar to the term inclusive growth (44,45), but, as we are using it, is more 'neutral' in relation to economic growth (40), more focused on reforming business models and job quality, and considers inclusion important it its own right (44); (46,47). This review focuses on two of these attributes (Box 1).…”

How to measure progress towards a wellbeing economy: distinguishing genuine advances from 'window dressing'

“…3. Is there a clear commitment to a just transition away from economic activities which cause ecological damage, exploitation, extraction, rentierism (a mechanism by which those who own assets earn income from capital without working 14 ), domination, colonialism and social harms? Such a commitment needs to recognise that some activities will require a significant lead time before they cease causing harm; and that some of the harms may, in fact, occur elsewhere ("spillover effects" or externalities) even though they are due to local consumption or ownership of assets 4.…”

Putting economic policy in service of “health for all”

“…Finally, the proliferation of proposals for redesigning economies creates a lack of clarity about how best to move forward 1617181920. Economics as a discipline has maintained its influence while becoming increasingly divorced from the broader (political economy) challenges we now face 4. The design of economies is too important to leave to economists.…”

“…The work of the World Health Organization’s Council on the Economics of Health for All12 is a welcome recognition of the central importance of political economy generally,3 and economics specifically,4 in shaping the health of populations. The council’s latest briefing makes the case that economies designed to maximise gross domestic product (GDP) do not value those aspects of society most important for population health: planetary health and the stewardship of earth’s systems that support all life; the social fabric of societies; unpaid labour; human wellbeing; and equity.…”