Household Wealth, Public Consumption, and Economic Well-Being in the United States
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.
|Date of creation:||19 Sep 2003|
|Date of revision:|
|Note:||Type of Document - word; prepared on PC; to print on HP/PostScript; pages: 33; figures: included|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
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- Asena Caner & Edward Wolff, 2004. "Asset Poverty in the United States, 1984-1999," Challenge, M.E. Sharpe, Inc., vol. 47(1), pages 5-52, January.
- 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 137-64, June.
- 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.
- Edward N. Wolff & Ajit Zacharias, 2003. "The Levy Institute Measure of Economic Well-Being," Economics Working Paper Archive wp_372, Levy Economics Institute.
- 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.
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