Describe human capital model, Advanced Statistics

Human capital model: The model for evaluating the economic implication of the disease in terms of the economic loss of a person succumbing to morbidity or the mortality at some particular age.

Often this type of model has two components, the direct cost of disease, for instance, medical management and treatment, and the indirect cost of the disease that is the loss of economic productivity due to the person being removed from the labour force.

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