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An Index of Economic Well-being for Canada

Author

Listed:
  • Osberg, L.
  • Sharpe, A.

Abstract

The objective of this paper is to develop an index of economic weel-being for Canada for the period 1971 to 1997 using a framework originally laid out by Osberg (1985). Although the economic well-being of a society depends on the level of average consumption flows, aggregate accumulation of productive stocks, inequality in the distribution of individual incomes and insecurity in the anticipation of future incomes, the weights attached to each component will vary, depending on the values of different observers. It is argued that public debate would improved if there is explicit consideration of the aspects of economic well-being obscured by average income trends and if the weights attached to theses aspects were explicitly open for discussion.

Suggested Citation

  • 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.
  • Handle: RePEc:dal:wparch:98-08
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    References listed on IDEAS

    as
    1. Osberg, Lars, 1997. "Economic growth, income distribution and economic welfare in Canada 1975-1994," The North American Journal of Economics and Finance, Elsevier, vol. 8(2), pages 153-166.
    2. Fortin, Nicole M, 1995. "Allocation Inflexibilities, Female Labor Supply, and Housing Assets Accumulation: Are Women Working to Pay the Mortgage?," Journal of Labor Economics, University of Chicago Press, vol. 13(3), pages 524-557, July.
    3. David G. Blanchflower & Andrew Oswald, 2000. "The Rising Well-Being of the Young," NBER Chapters,in: Youth Employment and Joblessness in Advanced Countries, pages 289-328 National Bureau of Economic Research, Inc.
    4. Stephen Knack & Philip Keefer, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1251-1288.
    5. Oded Galor & Joseph Zeira, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Oxford University Press, vol. 60(1), pages 35-52.
    6. Lars Osberg, 1998. "Economic Insecurity," Discussion Papers 0088, University of New South Wales, Social Policy Research Centre.
    7. Keuning, Steven, 1998. "A Powerful Link between Economic Theory and Practice: National Accounting [Review Article]," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 44(3), pages 437-446, September.
    8. Dan Usher, 1973. "The Measurement of Economic Growth," Working Papers 145, Queen's University, Department of Economics.
    9. Burkhauser, Richard V & Smeeding, Timothy M & Merz, Joachim, 1996. "Relative Inequality and Poverty in Germany and the United States Using Alternative Equivalence Scales," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(4), pages 381-400, December.
    10. Robert J. Blendon, 1997. "Bridging the Gap between the Public's and Economists' Views of the Economy," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 105-118, Summer.
    11. Ragan, Christopher, 1998. "On the Believable Benefits of Low Inflation," Staff Working Papers 98-15, Bank of Canada.
    12. Sharpe, Andrew & Zyblock, Myles, 1997. "Macroeconomic performance and income distribution in Canada," The North American Journal of Economics and Finance, Elsevier, vol. 8(2), pages 167-199.
    13. Eckstein, Zvi & Zilcha, Itzhak, 1994. "The effects of compulsory schooling on growth, income distribution and welfare," Journal of Public Economics, Elsevier, vol. 54(3), pages 339-359, July.
    14. Milton Moss, 1973. "Introduction to "The Measurement of Economic and Social Performance"," NBER Chapters,in: The Measurement of Economic and Social Performance, pages 1-21 National Bureau of Economic Research, Inc.
    15. Mary C. Daly & Greg J. Duncan, 1998. "Income inequality and mortality risk in the United States: is there a link?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct3.
    16. Lars Osberg & Andrew Sharpe, 2010. "The Index of Economic Well-Being," Challenge, Taylor & Francis Journals, vol. 53(4), pages 25-42.
    17. Phipps, Shelley & Garner, Thesia I, 1994. "Are Equivalence Scales the Same for the United States and Canada?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 40(1), pages 1-17, March.
    18. Milton Moss, 1973. "The Measurement of Economic and Social Performance," NBER Books, National Bureau of Economic Research, Inc, number moss73-1, April.
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    More about this item

    Keywords

    MEASURING INSTRUMENTS ; SOCIAL WELFARE ; MACROECONOMICS;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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