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Growth and Well-being: Introducing Distribution-Weighted Growth Rates to Reevaluate U.S. Post-war Economic Performance

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  • Klasen, Stephan

Abstract

In order to improve on the income growth rate as an indicator of changes in well-being, four composite indices of growth and income distribution are introduced and compared. When applied to the United States postwar economic performance, these indicators significantly revise upward the welfare improvements during the 1960s, while for the 1980s they show little expansion and, for some measures, even reductions of well-being. The revisions implied by these conceptually different measures are very similar indicating that the results presented are considerably robust. Copyright 1994 by The International Association for Research in Income and Wealth.

Suggested Citation

  • Klasen, Stephan, 1994. "Growth and Well-being: Introducing Distribution-Weighted Growth Rates to Reevaluate U.S. Post-war Economic Performance," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 40(3), pages 251-272, September.
    • Handle: RePEc:bla:revinw:v:40:y:1994:i:3:p:251-72
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    Cited by:

    1. Stephen P. Jenkins & Philippe Van Kerm, 2016. "Assessing Individual Income Growth," Economica, London School of Economics and Political Science, vol. 83(332), pages 679-703, October.
    2. Scott, Susan & Nolan, Brian & Fahey, Tony, 1996. "Formulating Environmental and Social Indicators for Sustainable Development," Research Series, Economic and Social Research Institute (ESRI), number PRS27, June.
    3. Bardhan, Kalpana & Klasen, Stephan, 1999. "UNDP's Gender-Related Indices: A Critical Review," World Development, Elsevier, vol. 27(6), pages 985-1010, June.
    4. Francisco Ferreira, 2010. "Distributions in motion: Economic growth, inequality, and poverty dynamics," Working Papers 183, ECINEQ, Society for the Study of Economic Inequality.
    5. Kakwani, Nanak & Neri, Marcelo Côrtes & Son, Hyun H., 2010. "Linkages Between Pro-Poor Growth, Social Programs and Labor Market: The Recent Brazilian Experience," World Development, Elsevier, vol. 38(6), pages 881-894, June.
    6. Stymne, Susanna & Jackson, Tim, 2000. "Intra-generational equity and sustainable welfare: a time series analysis for the UK and Sweden," Ecological Economics, Elsevier, vol. 33(2), pages 219-236, May.
    7. Nanak Kakwani & Marcelo Neri & Hyun H. Son, 2006. "Linkages between Pro-Poor Growth, Social Programmes and Labour Market: The Recent Brazilian Experience," Working Papers 26, International Policy Centre for Inclusive Growth.
    8. Mariano Torras, 2008. "The Subjectivity Inherent in Objective Measures of Well-Being," Journal of Happiness Studies, Springer, vol. 9(4), pages 475-487, December.
    9. Gruen, Carola & Klasen, Stephan, 2012. "Has transition improved well-being?," Economic Systems, Elsevier, vol. 36(1), pages 11-30.
    10. Gheorghe H. Popescu & Violeta Sima & Elvira Nica & Ileana Georgiana Gheorghe, 2017. "Measuring Sustainable Competitiveness in Contemporary Economies—Insights from European Economy," Sustainability, MDPI, vol. 9(7), pages 1-26, July.

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