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Household Wealth, Public Consumption and Economic Well-Being in the United States

Author

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  • Edward N. Wolff
  • Ajit Zacharias
  • Asena Caner

Abstract

Standard 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.

Suggested Citation

  • 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.
  • Handle: RePEc:lev:wrkpap:wp_386
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    References listed on IDEAS

    as
    1. Ruggles, Patricia & O'Higgins, Michael, 1981. "The Distribution of Public Expenditure among Households in the United States," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 27(2), pages 137-164, June.
    2. 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.
    3. Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive wp_372, Levy Economics Institute.
    4. Asena Caner & Edward Wolff, 2004. "Asset Poverty in the United States, 1984-1999," Challenge, Taylor & Francis Journals, pages 5-52.
    5. 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.
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    Cited by:

    1. 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.
    2. Fabio Boncinelli & Leonardo Casini, 2014. "A Comparison of the Well-Being of Agricultural and Non Agricultural Households Using a Multicriterial Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, pages 183-195.
    3. 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.
    4. repec:eee:ecolec:v:138:y:2017:i:c:p:109-125 is not listed on IDEAS
    5. Antonio Jurado & Jesus Perez-Mayo, 2012. "Construction and Evolution of a Multidimensional Well-Being Index for the Spanish Regions," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, pages 259-279.

    More about this item

    JEL classification:

    • 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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