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Several econometric studies have concluded that technical progress embodied in equipment is a major source of manufacturing productivity growth. Other research has suggested that, over the long run, growth in the US economy's 'health output' has been at least as large as the growth in non-health...

In previous work, we found strong evidence to support the hypothesis that the replacement of older drugs by new drugs resulted in reductions in total medical expenditures. In this study, we update and extend our previous study of the effect of drug age-years since FDA approval-on total medical...