Household Wealth, Public Consumption, and Economic Well-Being in the United States
AbstractStandard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously flawed because they ignore several crucial determinants of well-being. We examine two such determinants-household wealth and public consumption-in the context of the United States. Our findings suggest that the level and distribution of economic well-being is substantially altered when money income is adjusted for wealth or public consumption.
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Bibliographic InfoPaper provided by EconWPA in its series Public Economics with number 0309004.
Length: 33 pages
Date of creation: 19 Sep 2003
Date of revision:
Note: Type of Document - word; prepared on PC; to print on HP/PostScript; pages: 33; figures: included
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living standards; public consumption; household wealth; inequality;
Other versions of this item:
- Edward N. Wolff & Ajit Zacharias & Asena Caner, 2005. "Household wealth, public consumption and economic well-being in the United States," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 1073-1090, November.
- Edward N. Wolff & Ajit Zacharias & Asena Caner, 2003. "Household Wealth, Public Consumption and Economic Well-Being in the United States," Economics Working Paper Archive wp_386, Levy Economics Institute.
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D6 - Microeconomics - - Welfare Economics
- H4 - Public Economics - - Publicly Provided Goods
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
- P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
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- Smeeding, Timothy M & Weinberg, Daniel H, 2001. "Toward a Uniform Definition of Household Income," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 47(1), pages 1-24, March.
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- Donald L. Lerman & James J. Mikesell, 1988. "Impacts of Adding Net Worth to the Poverty Definition," Eastern Economic Journal, Eastern Economic Association, vol. 14(4), pages 357-370, Oct-Dec.
- Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive wp_372, Levy Economics Institute.
- Francisco Azpitarte, 2008. "The Household Wealth Distribution in Spain: The Role of Housing and Financial Wealth," Working Papers 83, ECINEQ, Society for the Study of Economic Inequality.
- Francisco Azpitarte, 2010. "The household wealth distribution in Spain: The role of housing and financial wealth," Hacienda Pública Española, IEF, vol. 194(3), pages 65-90, October.
- Antonio Jurado & Jesus Perez-Mayo, 2012. "Construction and Evolution of a Multidimensional Well-Being Index for the Spanish Regions," Social Indicators Research, Springer, vol. 107(2), pages 259-279, June.
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