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dc.contributor.authorWolff, Edward N.en_US
dc.contributor.authorZacharias, Ajiten_US
dc.date.accessioned2006-07-24en_US
dc.date.accessioned2010-05-14T11:09:23Z-
dc.date.available2010-05-14T11:09:23Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/31603-
dc.description.abstractThe standard official measure of household economic well-being in the United States is gross money income. The general consensus is that such measures are limited because they ignore other crucial determinants of well-being. We modify the standard measure to account for one such determinant: household wealth. We then analyze the level and distribution of economic well-being in the United States during the 1980s and 1990s, using the standard measure and a measure that differs from the standard in that income from wealth is calculated as the sum of lifetime annuity from nonhome wealth and imputed rental-equivalent for owner-occupied homes. Our findings indicate that the level and distribution of economic well-being is substantially altered when money income is adjusted for wealth. Over the 1989-2000 period, median wellbeing appears to increase faster when these adjustments are made than when standard money income is used. This adjustment also widens the income gap between African Americans and whites, but increases the relative well-being of the elderly. Adding imputed rent and annuities from household wealth to household income considerably increases measured inequality and the share of income from wealth in inequality. However, both measures show about the same rise in inequality over the period. Our results contradict the assertion that the working rich have replaced the rentiers at the top of the economic ladder.en_US
dc.language.isoengen_US
dc.publisherThe Levy Economics Inst. of Bard College Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking papers // The Levy Economics Institute 447en_US
dc.subject.jelD31en_US
dc.subject.jelD6en_US
dc.subject.jelH4en_US
dc.subject.jelP16en_US
dc.subject.ddc330en_US
dc.subject.keywordliving standardsen_US
dc.subject.keywordhousehold wealthen_US
dc.subject.keywordinequalityen_US
dc.titleHousehold wealth and the measurement of economic well-being in the United Statesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn514872217en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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