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Beyond Income and Wealth

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  • Marc Fleurbaey

Abstract

type="main"> This paper proposes four criteria for the selection of a better measure of living standards: it should be comprehensive, correlation sensitive, preference based, and fairness based. These criteria are applied to the following measures: income, equivalent income, capabilities, and satisfaction. The paper then explores the relationship between the space of goods and services, the space of budgets, and the more fundamental space of the aspects of life that people really care about. The importance of the fairness principles guiding interpersonal comparisons is highlighted.

Suggested Citation

  • Marc Fleurbaey, 2015. "Beyond Income and Wealth," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 61(2), pages 199-219, June.
    • Handle: RePEc:bla:revinw:v:61:y:2015:i:2:p:199-219
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    File URL: http://hdl.handle.net/10.1111/roiw.12187
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    References listed on IDEAS

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    1. Fleurbaey,Marc & Maniquet,François, 2011. "A Theory of Fairness and Social Welfare," Cambridge Books, Cambridge University Press, number 9780521715348.
    2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    3. Robbins, Lionel [Lord], 1981. "Economics and Political Economy," American Economic Review, American Economic Association, vol. 71(2), pages 1-10, May.
    4. Fleurbaey, Marc & Blanchet, Didier, 2013. "Beyond GDP: Measuring Welfare and Assessing Sustainability," OUP Catalogue, Oxford University Press, number 9780199767199.
    5. Samuelson, Paul A, 1974. "Complementarity-An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory," Journal of Economic Literature, American Economic Association, vol. 12(4), pages 1255-1289, December.
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    Citations

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    Cited by:

    1. Jesús Peiró-Palomino & Andrés J. Picazo-Tadeo, 2018. "OECD: One or Many? Ranking Countries with a Composite Well-Being Indicator," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 139(3), pages 847-869, October.
    2. Marko Ledic & Ivica Rubil, 2020. "Does going beyond income make a difference? Income vs. equivalent income in the EU over 2007-2011," Public Sector Economics, Institute of Public Finance, vol. 44(4), pages 423-462.
    3. Marko Ledić & Ivica Rubil, 2021. "Beyond Wage Gap, Towards Job Quality Gap: The Role of Inter-Group Differences in Wages, Non-Wage Job Dimensions, and Preferences," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 155(2), pages 523-561, June.
    4. Romina Boarini & Marc Fleurbaey & Fabrice Murtin & Paul Schreyer, 2022. "Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences," Scandinavian Journal of Economics, Wiley Blackwell, vol. 124(1), pages 104-138, January.
    5. Jesús Peiró-Palomino, 2019. "Regional well-being in the OECD," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 17(2), pages 195-218, June.
    6. Jan Voelzke & Fabian Goessling, 2016. "Should We Like it? - A Social Welfare Based Quantification of Policy Attractiveness," CQE Working Papers 5716, Center for Quantitative Economics (CQE), University of Muenster.
    7. Jesús Peiró-Palomino & Andrés J. Picazo-Tadeo, 2018. "Assessing well-being in European regions. Does government quality matter?," Working Papers 2018/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    8. Venera Tomaselli & Mario Fordellone & Maurizio Vichi, 2021. "Building Well-Being Composite Indicator for Micro-Territorial Areas Through PLS-SEM and K-Means Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 153(2), pages 407-429, January.
    9. repec:gdk:wpaper:66 is not listed on IDEAS
    10. Sarantis Tsiaplias, 2021. "The Welfare Implications of Unobserved Heterogeneity," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(4), pages 1029-1051, December.
    11. Leandro Prados de la Escosura, 2021. "Augmented human development in the age of globalization," Economic History Review, Economic History Society, vol. 74(4), pages 946-975, November.
    12. Albino Prada & Patricio Sánchez-Fernández, 2019. "Transforming Economic Growth into Inclusive Development: An International Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 145(1), pages 437-457, August.

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