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The Levy Institute Measure of Economic Well-Being United States, 1989-2001

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Author Info
Edward N. Wolff (New York University, Bard College)
Ajit Zacharias (Bard College)

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Abstract

The picture of economic well-being depends crucially on how it is measured. We introduce a new measure of economic well-being that includes public consumption, income from wealth, and household production. The differences in scope and method between our measure and standard income lead to substantially different findings regarding economic well-being. The average U.S. household appears to be much better off in 2001 relative to 1989 according to our measure in comparison to money income. In contrast to official measures, our measure shows that racial disparity increased. The increase in measured inequality was higher than indicated by the official measures.

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File URL: http://college.holycross.edu/eej/Volume33/V33N4P443_470.pdf
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Publisher Info
Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 33 (2007)
Issue (Month): 4 (Fall)
Pages: 443-470
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Handle: RePEc:eej:eeconj:v:33:y:2007:i:4:p:443-470

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Postal: Dr. Mary H. Lesser, Department of Economics, Iona College, New Rochelle, NY 10801-1890
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References listed on IDEAS
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  1. Ruggles, Patricia & O'Higgins, Michael, 1981. "The Distribution of Public Expenditure among Households in the United States," Review of Income and Wealth, Blackwell Publishing, vol. 27(2), pages 137-64, June.
  2. Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive 372, Levy Economics Institute, The. [Downloadable!]
  3. Landefeld, J Steven & McCulla, Stephanie H, 2000. "Accounting for Nonmarket Household Production within a National Accounts Framework," Review of Income and Wealth, Blackwell Publishing, vol. 46(3), pages 289-307, September.
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This page was last updated on 2009-12-13.

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