The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
We construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI (from the Department for Work and Pensions annual report titled "Households below Average Income") and ROI (from the Office of National Statistics Redistribution of Income analysis). We analyze overall trends in the level and distribution of household well-being using all three measures for Great Britain as a whole and for subgroups of the British population. Gains in household economic well-being between 1995 and 2005 vary by the measure used, from 23 percent (HBAI) to 32 percent (LIMEW) and 35 percent (ROI). LIMEW shows that much of the middle class’s gain in well-being was as a result of increases in government expenditures. LIMEW also marks a greater increase in economic well-being among elderly households due to the increase in their net worth. The redistributive effect of net government expenditures decreased notably between 1995 and 2005 according to the official measures, primarily due to the change in the distributive impact of government expenditures.
References listed on IDEAS
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- Edward Wolff & Ajit Zacharias, 2009.
"Household wealth and the measurement of economic well-being in the United States,"
The Journal of Economic Inequality,
Springer;Society for the Study of Economic Inequality, vol. 7(2), pages 83-115, June.
- Edward N. Wolff & Ajit Zacharias, 2006. "Household Wealth and the Measurement of Economic Well-Being in the United States," Economics Working Paper Archive wp_447, Levy Economics Institute.
- William Darity, 2010. "A Direct Route to Full Employment," The Review of Black Political Economy, Springer;National Economic Association, vol. 37(3), pages 179-181, September.
- Landefeld, J Steven & McCulla, Stephanie H, 2000. "Accounting for Nonmarket Household Production within a National Accounts Framework," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 289-307, September.
- 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.
- Hyunsub Kum & Thomas Masterson, 2008. "Statistical Matching Using Propensity Scores: Theory and Application to the Levy Institute Measure of Economic Wellbeing," Economics Working Paper Archive wp_535, Levy Economics Institute. Full references (including those not matched with items on IDEAS)
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