A new measure of the standard of living based on functionings

Wulf Gaertner and Yongsheng Xu

No 49, University of Göttingen Working Papers in Economics from University of Goettingen, Department of Economics

Abstract: Human development is about expanding the choices human beings have to lead lives that they value and is captured by its capability sets which consist of various functioning vectors. The standard of living is then reflected in capability sets. This paper proposes some particular ways of measuring the standard of living available either to an individual or a whole country, when the direction of the development of society represented by a reference functioning vector or a reference cone is uncertain. We provide axiomatic characterizations of the various measures proposed.

Keywords: functionings; capabilities; uncertainty; social progress; standard of living (search for similar items in EconPapers)
JEL-codes: C78 D63 D71 D74 O12 (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cegedp:49

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