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Beyond GDP? Welfare across Countries and Time

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  • Charles I. Jones
  • Peter J. Klenow

Abstract

We propose a simple summary statistic for a nation’s flow of welfare, measured as a consumption equivalent, and compute its level and growth rate for a broad set of countries. This welfare metric combines data on consumption, leisure, inequality, andmortality. Although it is highly correlatedwith per capita GDP, deviations are often economically significant: Western Europe looks considerably closer to U.S. living standards, emerging Asia has not caught up as much, and many African and Latin American countries appear farther behind. Each of the four components we introduce plays an important role in accounting for these differences.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16352.

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Date of creation: Sep 2010
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Handle: RePEc:nbr:nberwo:16352

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Cited by:
  1. Gahramanov, Emin & Tang, Xueli, 2013. "A mixed blessing of lifespan heterogeneity," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 142-153.
  2. Josep Pijoan-Mas & Jose-Victor Rios-Rull, 2012. "Heterogeneity in expected longevities," Staff Report 471, Federal Reserve Bank of Minneapolis.
  3. Gordon Anderson & Oliver Linton & Teng Leo, 2012. "A polarization-cohesion perspective on cross-country convergence," Journal of Economic Growth, Springer, vol. 17(1), pages 49-69, March.
  4. Merwan Engineer & Ian King, 2013. "Maximizing human development," Canadian Journal of Economics, Canadian Economics Association, vol. 46(2), pages 497-525, May.
  5. Olavarrieta, Sergio & Villena, Mauricio G., 2014. "Innovation and business research in Latin America: An overview," Journal of Business Research, Elsevier, vol. 67(4), pages 489-497.
  6. Humberto Llavador & John E. Roemer & Joaquim Silvestre, 2012. "Should we sustain? And if so, sustain what? Consumption or the quality of life?," Working Papers 1222, University of California, Davis, Department of Economics.
  7. Rosanna Nisticò & Antonella Rita Ferrara, 2011. "Indicatori Di Benessere E Convergenza Tra Le Regioni: Un’Applicazione Al Caso Italiano," Working Papers 201113, Università della Calabria, Dipartimento di Economia, Statistica e Finanza (Ex Dipartimento di Economia e Statistica).
  8. Sabina Alkire, 2011. "Multidimensional Poverty and its Discontents," OPHI Working Papers ophiwp046, Queen Elizabeth House, University of Oxford.
  9. Juan Cordoba & Marla Ripoll, 2012. "Life, Death and World Inequality," 2012 Meeting Papers 925, Society for Economic Dynamics.
  10. Ryan D. Edwards, 2008. "The Cost of Uncertain Life Span," NBER Working Papers 14093, National Bureau of Economic Research, Inc.
  11. Bargain, Olivier & Decoster, André & Dolls, Mathias & Neumann, Dirk & Peichl, Andreas & Siegloch, Sebastian, 2011. "Welfare, labor supply and heterogeneous preferences: evidence for Europe and the US," EUROMOD Working Papers EM5/11, EUROMOD at the Institute for Social and Economic Research.
  12. Haan, Peter & Decoster, Andre, 2013. "Empirical welfare analysis with preference heterogeneity," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79815, Verein für Socialpolitik / German Economic Association.
  13. Juncal Cuñado & Fernando Gracia, 2012. "Does Education Affect Happiness? Evidence for Spain," Social Indicators Research, Springer, vol. 108(1), pages 185-196, August.
  14. Andrew Sharpe & Brendon Andrews, 2013. "An Assessment of Weighting Methodologies for Composite Indicators: The case of the Index of Economic Well-being," CSLS Research Reports 2012-10, Centre for the Study of Living Standards.

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