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Economic Welfare Comparisons: Australia, the United States and the European Union

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  • Marc Lombard

Abstract

Comparison of countries’ standard of living are often based on gross domestic product per capita, whether at market exchange rates or at purchasing power parity, and/or the United Nations’ Human Development Index. Yet, these statistical instruments do not provide an accurate picture of economic welfare comparisons. They ignore a number of essential factors determining economic welfare, such as income distribution, poverty levels, work–time ratio, and welfare provisions, among others. This paper examines these factors and others, to make some pertinent economic welfare comparisons between Australia, the United States, and the European Union and its leading economies.

Suggested Citation

  • Marc Lombard, 2009. "Economic Welfare Comparisons: Australia, the United States and the European Union," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 139-147, June.
    • Handle: RePEc:bla:econpa:v:28:y:2009:i:2:p:139-147
    DOI: 10.1111/j.1759-3441.2009.00017.x
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    References listed on IDEAS

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    1. Marc Lombard, 2000. "Restrictive Macroeconomic Policies and Unemployment in the European Union," Review of Political Economy, Taylor & Francis Journals, vol. 12(3), pages 317-332.
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