Economics at your fingertips  

Household wealth, public consumption and economic well-being in the United States

Edward Wolff (), Ajit Zacharias and Asena Caner

Cambridge Journal of Economics, 2005, vol. 29, issue 6, 1073-1090

Abstract: Standard official measures of household economic well-being in several countries are based on money income. The general consensus is that such measures are limited because they ignore certain crucial determinants of well-being. We examine two such determinants--household wealth and public consumption--in the context of the US. Our findings suggest that the level and distribution of economic well-being is substantially altered when money income is adjusted for wealth or public consumption. Over the 1989--2000 period, median well-being appears to increase faster when these adjustments are made than when standard money income is used. Adding imputed rent and annuity from household wealth to household income increases measured inequality, while adding public consumption reduces it. However, all three measures show about the same rise in inequality over the period. Copyright 2005, Oxford University Press.

Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed

Downloads: (external link) (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Household Wealth, Public Consumption and Economic Well-Being in the United States (2003) Downloads
Working Paper: Household Wealth, Public Consumption, and Economic Well-Being in the United States (2003) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().

Page updated 2020-11-06
Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:1073-1090