Measuring the gains from medical research

In 1998, health expenditures in the United States accounted for 12.9 percent of national income - the highest share of income devoted to health in the developed world. The United States also spends more on medical research than any other country - in 2000, the federal government dedicated $18.4 billion to it, compared with only $3.7 billion for the entire European Union. In this book, health economists ask whether we are getting our money's worth.