Lack of income convergence for the world as a whole has led to concerns about the impact of globalization of markets on world inequality. GDP per capita is usually used to proxy for the quality of life of individuals living in different countries. However, well-being is also affected by quantity...

We provide a theoretical and empirical analysis of the link between financial and real health care markets. This link is important as financial returns drive investment in medical research and development (R&D), which in turn, affects real spending growth. We document a “medical innovation...