I just need a short economics definition
I'm doing economics at uni and I'm wonderinf what QALY means. My textbook is written by my lecturer who I think is German and his wording is confusing. He says:
"One QALY roughly means another year of life of average quality of an average person, i.e. neither an ecstatically happy nor an ecstatically unhappy year. You should read this table (in reference to the QALY cost table) to mean that some policy in the 1000 - 10 000 range is a policy whereby one has to spend in between 1000 to 10 000 Euros for another QALY."
I'd really appreciate if somebody could clear it up a little bit and simplify the definition.
Cheers,
Is everyone's personal taste just a function of education, environment and economics?
If so, do you think if you
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