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Nonlinear dynamics in welfare and the evolution of world inequality

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  • Davide Fiaschi

    ()
    (Dipartimento di Scienze Economiche, Università di Pisa)

  • Marzia Romanelli

    ()
    (Bank of Italy)

Abstract

The paper proposes a measure of countries' welfare based on individuals' lifetime utility and applies it to a large sample of countries in the period 1960-2000. Even though welfare inequality across countries appeared stable, the distribution dynamics points out the emergence of three clusters. Such tendencies to polarization shall strengthen in the future. In terms of the world population distribution, welfare inequality decreased as the result of the decline in inequality of both per capita GDP and life expectancy, but this downward trend should be reverted hereafter. Finally, a polarization pattern emerged, which is expected to further intensify in the future.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 724.

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Date of creation: Oct 2009
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Handle: RePEc:bdi:wptemi:td_724_09

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Keywords: distribution of welfare; nonparametric estimation; polarization; distribution dynamics; inequality;

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  1. Johnson, Paul A., 2005. "A continuous state space approach to "Convergence by Parts"," Economics Letters, Elsevier, vol. 86(3), pages 317-321, March.
  2. Esteban, Joan & Ray, Debraj, 1994. "On the Measurement of Polarization," Econometrica, Econometric Society, vol. 62(4), pages 819-51, July.
  3. Durlauf,S.N. & Quah,D.T., 1998. "The new empirics of economic growth," Working papers 3, Wisconsin Madison - Social Systems.
  4. Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2005. "The Quantity and Quality of Life and the Evolution of World Inequality," American Economic Review, American Economic Association, vol. 95(1), pages 277-291, March.
  5. Chotikapanich, Duangkamon & Valenzuela, Rebecca & Rao, D S Prasada, 1997. "Global and Regional Inequality in the Distribution of Income: Estimation with Limited and Incomplete Data," Empirical Economics, Springer, vol. 22(4), pages 533-46.
  6. Gordon Anderson, 2005. "LIFE EXPECTANCY AND ECONOMIC WELFARE: THE EXAMPLE OF AFRICA IN THE 1990s," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 51(3), pages 455-468, 09.
  7. Robert E Hall & Charles I Jones, 2007. "The Value of Life and the Rise in Health Spending," The Quarterly Journal of Economics, MIT Press, vol. 122(1), pages 39-72, 02.
  8. Sherwin Rosen, . "The Value of Changes in Life Expectancy," University of Chicago - Population Research Center 87-14, Chicago - Population Research Center.
  9. Douglas Gollin, 2002. "Getting Income Shares Right," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 458-474, April.
  10. Ram, Rati, 2006. "State of the "life span revolution" between 1980 and 2000," Journal of Development Economics, Elsevier, vol. 80(2), pages 518-526, August.
  11. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics 75, Federal Reserve Bank of Minneapolis.
  12. Fiaschi, Davide & Lavezzi, Andrea Mario, 2003. " Distribution Dynamics and Nonlinear Growth," Journal of Economic Growth, Springer, vol. 8(4), pages 379-401, December.
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  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics > The economy system and entropy minimization
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Cited by:
  1. Davide Fiaschi, Andrea Mario Lavezzi and Angela Parenti, 2009. "Counterfactual Distribution Dynamics across European Regions," Discussion Papers 2009/85, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  2. Davide Fiaschi & Imre Kondor & Matteo Marsili & Valerio Volpati, 2013. "The Interrupted Power Law and The Size of Shadow Banking," Papers 1309.2130, arXiv.org, revised Apr 2014.

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