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The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005

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  • Selcuk Eren
  • Thomas Masterson
  • Edward Wolff
  • Ajit Zacharias

Abstract

We construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI (from the Department for Work and Pensions annual report titled "Households below Average Income") and ROI (from the Office of National Statistics Redistribution of Income analysis). We analyze overall trends in the level and distribution of household well-being using all three measures for Great Britain as a whole and for subgroups of the British population. Gains in household economic well-being between 1995 and 2005 vary by the measure used, from 23 percent (HBAI) to 32 percent (LIMEW) and 35 percent (ROI). LIMEW shows that much of the middle class’s gain in well-being was as a result of increases in government expenditures. LIMEW also marks a greater increase in economic well-being among elderly households due to the increase in their net worth. The redistributive effect of net government expenditures decreased notably between 1995 and 2005 according to the official measures, primarily due to the change in the distributive impact of government expenditures.

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Bibliographic Info

Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_667.

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Date of creation: Apr 2011
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Handle: RePEc:lev:wrkpap:wp_667

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

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Keywords: Levy Institute Measure of Economic Well-being (LIMEW); Great Britain; Economic Well-Being; Economic Inequality; Household Income Measures;

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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, International Association for Research in Income and Wealth, vol. 27(2), pages 137-64, June.
  2. Edward N. Wolff & Ajit Zacharias, 2006. "Household Wealth and the Measurement of Economic Well-Being in the United States," Economics Working Paper Archive wp_447, Levy Economics Institute, The.
  3. Landefeld, J Steven & McCulla, Stephanie H, 2000. "Accounting for Nonmarket Household Production within a National Accounts Framework," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 289-307, September.
  4. William Darity, 2010. "A Direct Route to Full Employment," The Review of Black Political Economy, Springer, vol. 37(3), pages 179-181, September.
  5. Leanne Ussher, 1998. "Do Budget Deficits Raise Interest Rates? A Survey of the Empirical Literature," Working Papers 0005 Classification- JEL:, Department of Economics, Queens College of the City University of New York.
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