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The Levy Institute Measure of Economic Well-Being

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Author Info
Edward N. Wolff
Ajit Zacharias

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Abstract

Our measure of economic well-being is motivated by the conviction that there is substantial room for improving existing official measures of the level and distribution of household economic well-being. The definition of the scope of our measure is guided by an extended concept of income that fundamentally reflects the resources that a household can command for facilitating current consumption or acquiring financial and physical assets. In the contemporary United States, three main institutions--markets, the government, and the household--mediate such command. The measure therefore attempts to integrate the following components: money income, wealth, noncash transfers from the business and government sectors, some forms of public consumption, and household production. We discuss conceptual issues relevant to each of the components and outline an approach for combining them.

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Publisher Info
Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number 372.

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Date of creation: Feb 2003
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Handle: RePEc:lev:wrkpap:372

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Web page: http://www.levy.org

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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.:
  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. Goldschmidt-Clermont, Luisella, 1993. "Monetary Valuation of Non-market Productive Time Methodological Considerations," Review of Income and Wealth, Blackwell Publishing, vol. 39(4), pages 419-33, December.
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    • David Altig & Alan J. Auerbach & Laurence J. Kotlikoff & Kent A. Smetters & Jan Walliser, 1997. "Simulating U.S. tax reform," Working Paper 9712, Federal Reserve Bank of Cleveland. [Downloadable!]
  4. 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.
  5. Blackorby, Charles & Donaldson, David, 1988. "Cash versus Kind, Self-selection, and Efficient Transfers," American Economic Review, American Economic Association, vol. 78(4), pages 691-700, September. [Downloadable!] (restricted)
  6. Maury Gittleman & Edward N. Wolff, 2000. "Racial Wealth Disparities: Is the Gap Closing?," Macroeconomics 0004058, EconWPA. [Downloadable!]
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  7. Aaron, Henry & McGuire, Martin, 1970. "Public Goods and Income Distribution," Econometrica, Econometric Society, vol. 38(6), pages 907-20, November. [Downloadable!] (restricted)
  8. Dome, Takuo, 1998. "Adam Smith's Theory of Tax Incidence: An Interpretation of His Natural-Price System," Cambridge Journal of Economics, Oxford University Press, vol. 22(1), pages 79-89, January.
  9. Asimakopulos, A & Burbridge, J B, 1974. "The Short-Period Incidence of Taxation," Economic Journal, Royal Economic Society, vol. 84(334), pages 267-88, June. [Downloadable!] (restricted)
  10. Don Fullerton & Gilbert E. Metcalf, 2002. "Tax Incidence," NBER Working Papers 8829, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Alistair Munro, 1990. "Self-Selection and Optimal In-Kind Transfers," Working Papers Series 90/3, University of Stirling, Department of Economics.
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  12. Harry F. Campbell, 1975. "An Input-Output Analysis of the Commodity Structure of Indirect Taxes in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 8(3), pages 433-41, August. [Downloadable!] (restricted)
  13. Goldschmidt-Clermont, Luisella & Pagnossin-Aligisakis, Elisabetta, 1999. "Households' Non-SNA Production: Labour Time, Value of Labour and of Product, and Contribution to Extended Private Consumption," Review of Income and Wealth, Blackwell Publishing, vol. 45(4), pages 519-29, December.
  14. John Whalley, 1984. "Regression or Progression: The Taxing Question of Incidence Analysis," Canadian Journal of Economics, Canadian Economics Association, vol. 17(4), pages 654-82, November. [Downloadable!] (restricted)
  15. Dome, Takuo, 1992. "Ricardo's Theory of Tax Incidence: A Sraffian Re-interpretation," Cambridge Journal of Economics, Oxford University Press, vol. 16(1), pages 43-53, March.
  16. Dilnot, Andrew W & Kay, John A & Keen, Michael, 1990. "Allocating Taxes to Households: A Methodology," Oxford Economic Papers, Oxford University Press, vol. 42(1), pages 210-30, January. [Downloadable!] (restricted)
  17. Vivian Walsh, 2000. "Smith After Sen," Review of Political Economy, Taylor and Francis Journals, vol. 12(1), pages 5-25, January. [Downloadable!] (restricted)
  18. Murphy, Martin, 1978. "The Value of Nonmarket Household Production: Opportunity Cost versus Market Cost Estimates," Review of Income and Wealth, Blackwell Publishing, vol. 24(3), pages 243-55, September.
  19. Willem Adema, 2001. "Net Social Expenditure: 2nd Edition," OECD Labour Market and Social Policy Occasional Papers 52, OECD, Directorate for Employment, Labour and Social Affairs. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Edward N. Wolff & Ajit Zacharias & Asena Caner, 2003. "Household Wealth, Public Consumption and Economic Well-Being in the United States," Economics Working Paper Archive 386, Levy Economics Institute, The. [Downloadable!]
    Other versions:
  2. Edward Wolff & Ajit Zacharias, 2009. "Household wealth and the measurement of economic well-being in the United States," Journal of Economic Inequality, Springer, vol. 7(2), pages 83-115, June. [Downloadable!] (restricted)
    Other versions:
  3. Andrew Sharpe & Jeremy Smith, 2005. "Measuring the Impact of Research on Well-being: A Survey of Indicators of Well-being," CSLS Research Reports 2005-02, Centre for the Study of Living Standards. [Downloadable!]
  4. Edward N. Wolff & Ajit Zacharias, 2007. "The Levy Institute Measure of Economic Well-Being United States, 1989-2001," Eastern Economic Journal, Eastern Economic Association, vol. 33(4), pages 443-470, Fall. [Downloadable!]
  5. Jens Bonke & Mette Deding & Mette Lausten, 2009. "Time and Money," Journal of Happiness Studies, Springer, vol. 10(2), pages 113-131, April. [Downloadable!] (restricted)
  6. J. Bonke & M. Deding & M. Lausten, 2006. "Time and Money: Substitutes in Real Terms and Complements in Satisfactions," Economics Working Paper Archive wp_451, Levy Economics Institute, The. [Downloadable!]
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