Back to Search
Start Over
Beyond GDP: Using Equivalent Incomes to Measure Well-Being in Europe.
- Source :
- Social Indicators Research; Mar2016, Vol. 126 Issue 1, p21-55, 35p
- Publication Year :
- 2016
-
Abstract
- It has become widely accepted that focusing exclusively on income growth may lead to a too narrow-sighted measure of changes in well-being. People care about other dimensions of life, such as their health, employment, social interactions and personal safety. Moreover, an exclusive focus on income growth remains blind to the distribution of income and well-being in the society. We propose therefore a set of five principles for a richer measure of well-being. In particular, we advocate the use of a measure based on 'equivalent incomes', which satisfies these principles. We discuss and illustrate how this equivalent income approach can be implemented in Europe, using the ESS data for 2008 and 2010. We find that introducing inequality aversion and including other dimensions in the analysis leads to a remarkably different perspective on the growth of well-being in Europe. [ABSTRACT FROM AUTHOR]
- Subjects :
- INCOME inequality
WELL-being -- Social aspects
SOCIAL indicators
Subjects
Details
- Language :
- English
- ISSN :
- 03038300
- Volume :
- 126
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- Social Indicators Research
- Publication Type :
- Academic Journal
- Accession number :
- 112861435
- Full Text :
- https://doi.org/10.1007/s11205-015-0885-x