Consumption and Social Welfare: Living Standards and their by Daniel T. Slesnick

Consumption and Social Welfare: Living Standards and their by Daniel T. Slesnick

By Daniel T. Slesnick

The main widely-cited social welfare information within the usa are in response to tabulations on relations source of revenue. the image that emerges is reason for situation; median kinfolk source of revenue has not often replaced during the last 25 years whereas inequality has elevated and poverty remained again and again excessive. but, consumption-based data as hired during this paintings yield rigorous and really diverse estimates of actual person and social welfare. heavily associated with financial concept, Professor Slesnick's exam of criteria of dwelling, inequality, and poverty show that the normal of U.S. residing has grown considerably whereas inequality and poverty have reduced to rather low degrees. His overview is drawn from prolonged interval information with a purpose to chart long-run traits.

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37 This approach is consistent with Rawls's (1971) Difference Principle and places a premium on equity as reflected by the welfare of the poorest household. 38 35. It should be noted that while most of the profession rejected the feasibility of social welfare functions, Bergson (1938) and Samuelson (1947) maintained the position that explicit social welfare functions were an appropriate basis for policy analysis. 36. It is possible to have a nondictatorial social welfare function without interpersonal comparability if other axioms are relaxed.

This is the assumption of cardinal unit comparability in which welfare is cardinally measurable and differences in welfare across outcomes are comparable. For further details, see Maskin (1978) and Roberts (1980c). Chapter 2. The measurement of economic welfare 27 In contrast with Rawls's framework, this utilitarian social welfare function places the least emphasis on equity. An allocation in which one household has all the resources and the others have nothing yields the same level of social welfare as occurs when resources are divided equally among all members of society.

48 Consumption and social welfare throughout the postwar era. There is no evidence of persistent stagnation as is found when real median family income is used to measure social welfare. The Consumer Expenditure Surveys Alternative estimates of aggregate consumption can be obtained from the CEX, which also provide disaggregated information on household spending. They differ from the PCE in terms of their population coverage, the expenditure definition, and the methods used to collect the data. 13 The basic observational unit is called a "consumer unit," which is either a financially independent unrelated individual or a group of individuals who pool their resources.

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