Fun

The Grossman Model The Grossman model is a foundational theory in health economics that conceptualizes health as a form of human capital. Developed by Michael Grossman in 1972, it views individuals as both producers and consumers of health.

The Constant Elasticity of Substitution (CES) Function is a fundamental concept in production theory, illustrating how easily one input (like capital) can be substituted for another (like labor) while maintaining the same level of output.