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Going beyond GDP with a parsimonious indicator: Inequality-adjusted healthy lifetime income

David E. Bloom, Victoria Y. Fan, Vadim Kufenko (), Osondu Ogbuoji, Klaus Prettner () and Gavin Yamey

No 01-2020, Hohenheim Discussion Papers in Business, Economics and Social Sciences from University of Hohenheim, Faculty of Business, Economics and Social Sciences

Abstract: Per capita GDP has limited use as a well-being indicator because it does not capture many dimensions that imply a "good life," such as health and equality of opportunity. However, per capita GDP has the virtues of easy interpretation and can be calculated with manageable data requirements. Against this backdrop, a need exists for a measure of well-being that preserves the advantages of per capita GDP, but also includes health and equality. We propose a new parsimonious indicator to fill this gap and calculate it for 149 countries.

Keywords: Beyond GDP; Well-Being; Health; Inequality; Human Development; Lifetime Income (search for similar items in EconPapers)
JEL-codes: I31 I15 D63 O10 E01 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-hap, nep-hpe and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hohdps:012020

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