The Levy Institute Measure of Economic Well-Being United States, 1989-2001
AbstractThe 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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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 33 (2007)
Issue (Month): 4 (Fall)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive wp_372, Levy Economics Institute.
- Edward N. Wolff & Ajit Zacharias & Thomas Masterson & Selcuk Eren & Andrew Sharpe & Elspeth Hazell, 2012.
"A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being,"
Economics Working Paper Archive
wp_703, Levy Economics Institute.
- Edward N. Wolff & Ajit Zacharias & Thomas Masterson & Selçuk Eren & Andrew Sharpe & Elspeth Hazell, 2012. "A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being," CSLS Research Reports 2012-01, Centre for the Study of Living Standards.
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