Abstract As we confront the contemporary challenges of escalating healthcare expenditures and widening health inequities, a nuanced grasp of economic theory serves as a guiding light, illuminating the path toward a healthcare system that is more equitable and efficient. Tracing the historical development of economic theory offers insights for scholars of public health and economics, as well as policymakers. This exploration of the evolution of economic thought provides a thorough understanding of the fundamental principles upon that health economics is constructed. From the classical doctrines of Adam Smith to the transformative Keynesian revolution and the ensuing challenges posed by neoliberalism and post-Keynesian principles, each paradigm has contributed significantly to our understanding of economic fundamentals and their applicability in healthcare. Understanding these economic theories helps navigate the complexities of healthcare policy and practice. As we maneuver through the intricacies of modern healthcare systems, this comprehension facilitates better understanding of endeavors aimed at enhancing health outcomes and societal welfare. By leveraging insights from the past, we can chart a course toward a healthcare future that is more equitable, efficient, and sustainable.
Jyani et al. (Mon,) studied this question.