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An Index of Labour Market Well-being for OECD Countries

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Author Info

  • Lars Osberg
  • Andrew Sharpe

    ()

Abstract

This report’s objective is the construction of an index of labour market well-being that is capable of measuring the well-being that individuals in a given society at a given point in time can obtain through the labour market. Besides considering simply the average return from working, workers are also typically concerned with inequality in the distribution of earnings, as well as skills acquisition that affects future returns from working and the uncertainty surrounding these future returns due to, for example, the possibilities of job loss, injury and insufficient income in retirement. The index proposed and constructed here hence attempts to incorporate each of these aspects of labour market well-being. The Centre for the Study of Living Standards has developed an Index of Economic Well-being based on trends in consumption flows, stocks of wealth, inequality, and economic security. This framework is applied here, but the focus is on the well-being of individuals as workers. The proposed Index of Labour Market Well-being (ILMW) therefore covers all persons of working age, both employed and unemployed, and includes 1) the average current return from work; 2) the aggregate accumulation of human capital, which enables future returns from work; 3) inequality in current returns from work; and 4) insecurity in the anticipation of future returns from work. Estimates of the proposed Index are developed for 16 OECD countries for the 1980-2001 period.

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File URL: http://www.csls.ca/events/aea2004/osberg-sharpe-aea2004.pdf
File Function: Most recent version, revised for the 2004 American Economic Association meeting.
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File URL: http://www.csls.ca/reports/labmkt.pdf
File Function: Original CSLS Research Report version.
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File URL: http://www.csls.ca/reports/labmktfrench.pdf
File Function: Rapport numéro 2003-05, version en français.
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File URL: http://www.csls.ca/reports/labmkttables.pdf
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Bibliographic Info

Paper provided by Centre for the Study of Living Standards in its series CSLS Research Reports with number 2003-05.

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Date of creation: Sep 2003
Date of revision: Jan 2004
Handle: RePEc:sls:resrep:0305

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Related research

Keywords: Well-being; Wellbeing; Well Being; Unemployment; Labour Market Outcomes; Labour Market; Labor Market; Wages; Earnings; Labour Compensation; Labor Compensation; Compensation; Human Capital; Long-term Unemployment; Long Term Unemployment; Earnings Inequality; Low Wage Earners; Living Wage; Retirement; Pensions; Defined Benefit; Defined Contribution; Unemployment Insurance; Workplace Injuries; Workplace Fatalities; Injuries; Fatalities; Workplace Safety; Index of Economic Well-being; IEWB; ILMW;

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References

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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.:
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  1. Arulampalam, W. & Robin A. Naylor & Jeremy P. Smith, 2002. "University of Warwick," Royal Economic Society Annual Conference 2002 9, Royal Economic Society.
  2. de la Fuente, Angel & Doménech, Rafael, 2000. "Human Capital In Growth Regressions: How Much Difference Does Data Quality Make?," CEPR Discussion Papers 2466, C.E.P.R. Discussion Papers.
  3. Lars Osberg & Andrew Sharpe, 2003. "Human Well-being and Economic Well-being: What Values Are Implicit in Current Indices?," CSLS Research Reports 2003-04, Centre for the Study of Living Standards.
  4. Osberg, L. & Sharpe, A., 1998. "An Index of Economic Well-being for Canada," Department of Economics at Dalhousie University working papers archive 98-08, Dalhousie, Department of Economics.
  5. Lars Osberg, 1998. "Economic Insecurity," Discussion Papers 0088, University of New South Wales, Social Policy Research Centre.
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Citations

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Cited by:
  1. Andrew Sharpe & Anne-Marie Shaker, 2007. "Indicators of Labour Market Conditions in Canada," CSLS Research Reports 2007-03, Centre for the Study of Living Standards.
  2. Andrew Sharpe, 2004. "Literature Review of Frameworks for Macro-indicators," CSLS Research Reports 2004-03, Centre for the Study of Living Standards.
  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.
  4. Ochsen, Carsten, 2005. "Crime and European labour market policy," Thuenen-Series of Applied Economic Theory 55, University of Rostock, Institute of Economics.
  5. James W. Dean & G. Robert Ross, 2006. "Paradoxes and Puzzles in Our Globalized World Public Support of Trade Policy, International Outsourcing Trade Liberalization, Globalization," Carleton Economic Papers 06-07, Carleton University, Department of Economics.
  6. Andrew Sharpe & Jill Hardt, 2006. "Five Deaths a Day: Workplace Fatalities in Canada, 1993-2005," CSLS Research Reports 2006-04, Centre for the Study of Living Standards.

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