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Welfare - Vol. 2: Measuring Social Welfare

Author

Listed:
  • Dale W. Jorgenson

    (Harvard University)

Abstract

This volume presents an approach to the evaluation of economic policies through the econometric modeling of aggregate consumer behavior. While the preferences of individual consumers are revealed by their market choices, these preferences can be recovered only by econometric methods, not through the index numbers used in the official statistics. The richer and more robust methodology presented in this volume provides a fruitful point of departure for future policy evaluations. The econometric approach replaces ordinal measures of individual welfare that cannot be compared among individuals with cardinal measures that can. These are combined into an indicator of social welfare that reflects principles of horizontal and vertical equity. This approach unifies the measurement of poverty, inequality, and cost and standard of living. It extends the scope of normative economics to a broader range of issues in the evaluation of economic and social policies.

Suggested Citation

  • Dale W. Jorgenson, 1997. "Welfare - Vol. 2: Measuring Social Welfare," MIT Press Books, The MIT Press, edition 1, volume 2, number 0262100630, December.
    • Handle: RePEc:mtp:titles:0262100630
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    Citations

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    Cited by:

    1. Vincenzo Atella & Jay Coggins & Federico Perali, 2005. "Aversion to inequality in Italy and its determinants," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 2(2), pages 117-144, January.
    2. Revesz, Richard & Stavins, Robert, 2004. "Environmental Law and Policy," Working Paper Series rwp04-023, Harvard University, John F. Kennedy School of Government.
    3. Y. Qiang, 1999. "The Numerical Implementation of WAM," Economics Discussion / Working Papers 99-07, The University of Western Australia, Department of Economics.
    4. Piera Mazzoleni & Elisa Pagani & Federico Perali, 2019. "The curvature properties of social welfare functions," Working Papers 493, ECINEQ, Society for the Study of Economic Inequality.
    5. Piera Mazzoleni & Elisa Pagani & Federico Perali, 2023. "On the Curvature Properties of “Long” Social Welfare Functions," Mathematics, MDPI, vol. 11(7), pages 1-14, March.
    6. Seung-Rae Kim, 2002. "Environmental Taxes and Economic Welfare: The Welfare Cost of Gasoline Taxation in the U.S. 1959-1999," Public Economics 0201003, University Library of Munich, Germany, revised 11 May 2004.

    More about this item

    Keywords

    welfare; market choices; econometric methods;
    All these keywords.

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

    Statistics

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