Internationally renowned economist and demographer Professor David Bloom of Harvard University was the main event at our 2017 Annual Community Lecture on November 1st.
Professor Bloom used his hour-long lecture to make a powerful case for the idea that 'healthier means wealthier', and to urge governments and policy makers to recognise the economic value of investing in child health.
In a compelling and often humorous presentation, Professor Bloom argued that health and health interventions had been undervalued for too long, and that the evidence was mounting to demonstrate that child health, in particular, had a disproportionate impact on a country’s fortunes.
While much had been done to reduce child mortality and improve outcomes for children, he said gross deficits and disparities remained. Many countries were struggling with the socio-economic burden of ageing populations and chronic diseases such as obesity, cardiovascular disease, cancer and diabetes.
Australia alone, Professor Bloom calculated, faced the equivalent of a 6.4% tax on income between 2015-2050 – the hidden cost of ill health.
Quoting Benjamin Franklin, one of the Founding Fathers of the United States, he noted that 'an ounce of prevention is worth a pound of cure’, with early detection and interventions such as vaccination not only saving money by reducing health care costs, but generating economic growth thanks to healthier, happier and more productive populations.
"Health has tremendous oomph as a driver of income. It has statistically significant effects that really drive growth. It is inexcusable for us to ignore interventions that can make such a difference."
Professor Bloom told the audience he remained optimistic that policy makers and those who held the purse strings would heed the mounting evidence and invest more heavily in the health of their populations.
"I count myself as an optimist when it comes to the role that health and demography play in the world’s economic outlook," he said. "I think our collective future looks bright – we have a real opportunity to leverage our newfound appreciation of the links between demographics and health."