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Measuring Economic Security in Insecure Times: New Perspectives, New Events, and the Index of Economic Well-being

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  • Lars Osberg

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Abstract

This report has two main objectives. The first is to outline the development of the methodology for the measurement of economic security in the Index of Economic Well-being (IEWB) and to provide updated estimates of the Index of Economic Security over the 1980-2007 period for seven developed countries: Canada, Australia, Germany, Norway, Sweden, the United Kingdom and the United States. The four components of the economic security domain of the IEWB – security from unemployment, illness, single-parent poverty, and old-age poverty – are discussed. The second objective is to consider the adequacy of our framework for the discussion and measurement of economic security during times as tumultuous as the present. Since 2008, the global economy has fallen into recession and anxiety about the economic future has dramatically increased. In this context, how should one measure trends in economic security? Projections of the Index to 2010, computed on the basis of OECD unemployment forecasts, indicate that the global recession will lead to a substantial decrease in economic security as the recession continues.

Suggested Citation

  • Lars Osberg, 2009. "Measuring Economic Security in Insecure Times: New Perspectives, New Events, and the Index of Economic Well-being," CSLS Research Reports 2009-12, Centre for the Study of Living Standards.
  • Handle: RePEc:sls:resrep:0912
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    File URL: http://www.csls.ca/reports/csls2009-12.pdf
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    References listed on IDEAS

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    1. Rafael Di Tella & Robert J. MacCulloch & Andrew J. Oswald, 2003. "The Macroeconomics of Happiness," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 809-827, November.
    2. Andrew Sharpe & Lars Osberg, 2009. "New Estimates of the Index of Economic Well-being for Canada and the Provinces, 1981 - 2008," CSLS Research Reports 2009-10, Centre for the Study of Living Standards.
    3. J. Dominitz & C. F. Manski, "undated". "Perceptions of Economic Insecurity: Evidence from the Survey of Economic Expectations," Institute for Research on Poverty Discussion Papers 1105-96, University of Wisconsin Institute for Research on Poverty.
    4. Andrew Sharpe & Lars Osberg, 2009. "New Estimates of the Index of Economic Well-being for Selected OECD Countries, 1981 - 2007," CSLS Research Reports 2009-11, Centre for the Study of Living Standards.
    5. Kenneth Scheve & Matthew Slaughter, 2002. "Economic Insecurity and the Globalization of Production," NBER Working Papers 9339, National Bureau of Economic Research, Inc.
    6. Lars Osberg & Andrew Sharpe, 2002. "International Comparisons of Trends in Economic Well-being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 58(1), pages 349-382, June.
    7. 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.
    8. Lars Osberg & Andrew Sharpe, 2005. "How Should We Measure The "Economic" Aspects Of Well-Being?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 51(2), pages 311-336, June.
    9. Lars Osberg & Andrew Sharpe, 2010. "The Index of Economic Well-Being," Challenge, Taylor & Francis Journals, vol. 53(4), pages 25-42.
    10. Osberg, Lars & Sharpe, Andrew, 2002. "An Index of Economic Well-Being for Selected OECD Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 48(3), pages 291-316, September.
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    Cited by:

    1. Géraldine Thiry, 2015. "Beyond GDP: Conceptual Grounds of Quantification. The Case of the Index of Economic Well-Being (IEWB)," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 121(2), pages 313-343, April.
    2. Berloffa, Gabriella & Modena, Francesca, 2012. "Economic well-being in Italy: The role of income insecurity and intergenerational inequality," Journal of Economic Behavior & Organization, Elsevier, vol. 81(3), pages 751-765.
    3. Nicholas Rohde & Kam Ki Tang & D.S. Prasada Rao, 2014. "Distributional Characteristics of Income Insecurity in the U.S., Germany, and Britain," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(S1), pages 159-176, May.
    4. repec:eee:socmed:v:188:y:2017:i:c:p:119-127 is not listed on IDEAS

    More about this item

    Keywords

    Living standards; quality of life; income; housing affordability; wealth; inequality; poverty; employment quality; net worth; income; disposable income; low income; labour market; economic security; employment; unemployment;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D30 - Microeconomics - - Distribution - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General

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