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A Contribution to the Empirics of Welfare Growth

Listed author(s):
  • Konstantinos Vrachimis
  • Marios Zachariadis

This paper compares the determinants of economic growth and welfare growth. Our main result is that determinants may differ or have different impact on welfare outcomes as compared to economic outcomes. Human capital plays a bigger role in determining the former, so that policies targeting human capital can have a greater effect on the welfare of societies than one would think by looking at their impact on economic growth alone. Institutions also have a greater effect on welfare growth compared to their impact on economic growth, consistent with the importance of government stability for the uninterrupted provision of health-related inputs and information. Finally, initial income has a greater impact on welfare growth than on real income per capita growth, implying even faster convergence than in Becker, Philipson, and Soares (2005) after adding a number of economic, health-related, institutions-related, and geographic variables. We conclude that there exist systematic differences for the impact of a number of factors on economic relative to welfare outcomes.

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File URL: http://papers.econ.ucy.ac.cy/RePEc/papers/01-10.pdf
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Paper provided by University of Cyprus Department of Economics in its series University of Cyprus Working Papers in Economics with number 01-2010.

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Length: 29 pages
Date of creation: Jan 2010
Handle: RePEc:ucy:cypeua:01-2010
Contact details of provider: Web page: http://www.ucy.ac.cy/econ/en

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  2. Papageorgiou, Chris & Savvides, Andreas & Zachariadis, Marios, 2007. "International medical technology diffusion," Journal of International Economics, Elsevier, vol. 72(2), pages 409-427, July.
  3. Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2005. "The Quantity and Quality of Life and the Evolution of World Inequality," American Economic Review, American Economic Association, vol. 95(1), pages 277-291, March.
  4. Soares, Rodrigo R., 2007. "Health and the evolution of welfare across Brazilian municipalities," Journal of Development Economics, Elsevier, vol. 84(2), pages 590-608, November.
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  17. World Bank, 2008. "World Development Indicators 2008," World Bank Publications, The World Bank, number 11855.
  18. William D. Nordhaus, 2002. "The Health of Nations: The Contribution of Improved Health to Living Standards," NBER Working Papers 8818, National Bureau of Economic Research, Inc.
  19. Anderson, Gordon & Crawford, Ian & Leicester, Andrew, 2011. "Welfare rankings from multivariate data, a nonparametric approach," Journal of Public Economics, Elsevier, vol. 95(3), pages 247-252.
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  22. M. Fleurbaey., 2012. "Beyond GDP: The Quest for a Measure of Social Welfare," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 3.
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