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Nonlinear dynamics in welfare and the evolution of world inequality

Author

Listed:
  • Davide Fiaschi

    (Dipartimento di Scienze Economiche, Universit� di Pisa)

  • Marzia Romanelli

    (Bank of Italy)

Abstract

The paper proposes a measure of countries' welfare based on individuals' lifetime utility and applies it to a large sample of countries in the period 1960-2000. Even though welfare inequality across countries appeared stable, the distribution dynamics points out the emergence of three clusters. Such tendencies to polarization shall strengthen in the future. In terms of the world population distribution, welfare inequality decreased as the result of the decline in inequality of both per capita GDP and life expectancy, but this downward trend should be reverted hereafter. Finally, a polarization pattern emerged, which is expected to further intensify in the future.

Suggested Citation

  • Davide Fiaschi & Marzia Romanelli, 2009. "Nonlinear dynamics in welfare and the evolution of world inequality," Temi di discussione (Economic working papers) 724, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:wptemi:td_724_09
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    File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2009/2009-0724/en_tema_724.pdf
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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics > The economy system and entropy minimization

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    Cited by:

    1. Davide Fiaschi & Andrea Mario Lavezzi & Angela Parenti, 2013. "On the Determinants of Distribution Dynamics," Discussion Papers 2013/165, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    2. Irene Brunetti & Davide Fiaschi & Lisa Gianmoena & Angela Parenti, 2017. "Volatility in European regions," Papers in Regional Science, Wiley Blackwell, vol. 96(4), pages 697-720, November.
    3. Davide Fiaschi & Andrea Mario Lavezzi & Angela Parenti, 2009. "Counterfactual Distribution Dynamics across European Regions," Discussion Papers 2009/85, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    4. Mahmoud A. El-Gamal & Deockhyun Ryu, 2013. "Nonstationarity and Stochastic Stability of Relative Income Clubs," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59(4), pages 756-775, December.
    5. Fiaschi, Davide & Gianmoena, Lisa & Parenti, Angela, 2018. "Spatial club dynamics in European regions," Regional Science and Urban Economics, Elsevier, vol. 72(C), pages 115-130.
    6. Davide Fiaschi & Lisa Gianmoena & Angela Parenti, 2015. "Spatial Clubs in European Regions," Discussion Papers 2015/196, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    7. Davide Fiaschi & Imre Kondor & Matteo Marsili & Valerio Volpati, 2014. "The Interrupted Power Law and the Size of Shadow Banking," PLOS ONE, Public Library of Science, vol. 9(4), pages 1-8, April.

    More about this item

    Keywords

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    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • D30 - Microeconomics - - Distribution - - - General
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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