Trends in the Level and Distribution of U.S. Living Standards: 1973-1993
AbstractVarious measures of the improvement in U.S. living standards provide contrasting pictures of the pace of overall economic progress. Per capita consumption rose 37 percent from 1973 to 1993, but median family income was unchanged. This paper accounts for the striking divergence between these alternative measures. Average consumption rose faster than median cash income because saving fell, consumption financed from noncash income sources rose, family size shrank, and income inequality climbed sharply. The paper documents the importance of rising wage inequality and the surprising increase in the correlation between husband and wife earnings in the trend toward greater family income inequality.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 22 (1996)
Issue (Month): 3 (Summer)
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Distribution; Income; Inequality; Living Standards;
Find related papers by JEL classification:
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
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- Barry Bluestone & Teresa Ghilarducci, . "Making Work Pay, Wage Insurance for the Working Poor," Economics Public Policy Brief Archive ppb_28, Levy Economics Institute, The.
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