“Depression treatment does not significantly increase earnings, consumption, or human capital investment in children.”--a paper
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Nordhaus finds that in general that innovations reap only a small share of the gains that they create. In 2014, for example, we got Harvoni, a new treatment that offered a complete cure for hepatitis C (HCV) infection. In 2014, Harvoni cost over $1000 a pill and between $60,000 and $100,000 for a full treatment. In 2015 Medicaid spent more on Harvoni than on any other drug and there were calls for regulation and price controls. Studies showed, however, that even at that high price, Harvoni was value/cost-effective. Today, with more competition, there are equivalent versions of Harvoni available from Amazon for $12,869 (and 64 cents) which is still expensive but cheap for a cure for an often debilitating and sometimes life-threatening disease (and the price is less for a private insurance buyer or Medicare/Medicaid). In 2030, Harvoni will go generic and prices will fall much more.
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Interesting Graph
Percentage of 12th graders who have a driver’s license, who’ve ever tried alcohol, who ever go on dates, and who worked for pay at any point during the last school year. researchgate.net/publication/34
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