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- W2162508095 abstract "Abstract This paper employs the Integrated Macroeconomic Accounts, developed by Jorgenson, J. Steven Landefeld, William D. Nordhaus, and their co-authors as part of A New Architecture for the U.S. National Accounts, as the starting point for measuring social welfare. This paper measures individual welfare by using personal consumption to represent the size of the household budget, with the household’s consumption expressed in constant prices, then dividing real consumption by household size. The work also considers a class of social welfare functions that combines the mean of individual welfare with a measure of dispersion that gives additional weight to equity considerations. While these welfare measures are consistent with the 2008 SNA and the proposals of the Stiglitz-Sen-Fitoussi Report, the authors emphasize links to the NIPAs and the Integrated Macroeconomic Accounts for the U.S. and conclude by recommending that national statistical agencies experiment with the incorporation of measures of social welfare into the national accounts. The availability of properly constructed welfare measures would address concerns about the misuse of the GDP as a measure of welfare." @default.
- W2162508095 created "2016-06-24" @default.
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- W2162508095 date "2014-01-01" @default.
- W2162508095 modified "2023-10-17" @default.
- W2162508095 title "Household Production, Leisure, and Living Standards" @default.
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- W2162508095 doi "https://doi.org/10.7208/chicago/9780226121475.003.0004" @default.
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