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Multidimensional economic well-being. Is it measurable? The case of Lombardy

Author

Listed:
  • Alberto Brugnoli
  • Giuseppe Folloni
  • Francesca Modena

Abstract

The definition and measurement of economic well-being is receiving growing attention, both in academic research and policy agenda, as a key issue to provide a solid basis for decision-making at all levels, both national and local. There is general agreement among economists and policy-makers about the necessity to go beyond GDP but the convergence towards a new and wider definition and measurement is far from being reached. This is why research and experiments that try to test different definitions and indicators can help, through empirical results, to the ongoing debate. This paper attempts to measure the multidimensional well-being of the Italian Region Lombardy, for the years 1995-2005, along the lines of the Index of Economic Well-Being (IEWB) proposed by the Centre for the Study of Living Standards (Osberg, 1985; Osberg and Sharpe, 2002, 2005). The evolution of the index is aligned with that of per capita GDP from 1995 to 2001 but diverges in the following period because of the fall of regional per capita GDP and consumption in the period 2002-2005 and a contemporary strong growth of the health dimension and of the level of human capital stock (education).

Suggested Citation

  • Alberto Brugnoli & Giuseppe Folloni & Francesca Modena, 2009. "Multidimensional economic well-being. Is it measurable? The case of Lombardy," Openloc Working Papers 0910, Public policies and local development.
    • Handle: RePEc:trn:utwpol:0910
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    File URL: http://www.openloc.eu/cms/storage/openloc/working_papers/2009/BrugnoliFolloniModena2009.pdf
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    References listed on IDEAS

    as
    1. Luigi Cannari & G. D'Alessio, 2002. "La distribuzione del reddito e della ricchezza nelle regioni italiane," Rivista economica del Mezzogiorno, Società editrice il Mulino, issue 4, pages 809-848.
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    More about this item

    Keywords

    well-being; composite indicators; development;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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