Multidimensional Affluence: Theory and Applications to Germany and the US
Institute for the Study of Labor (IZA); University of Cologne - Cologne Centre for Public Economics (CPE); University of Essex - Institute for Social and Economic Research (ISER)
Institute for the Study of Labor (IZA)
IZA Discussion Paper No. 5926
This paper suggests multidimensional affluence measures for the top of the distribution. In contrast to commonly used top income shares, they allow the analysis of the extent, intensity and breadth of affluence in several dimensions within a common framework. We illustrate this by analyzing the role of income and wealth as dimensions of multidimensional well-being in Germany and the US in 2007 as well as for the US over the period 1989-2007. We find distinct country differences with the country ranking depending on the measure. While in Germany wealth predominantly contributes to the intensity of affluence, income is more important in the US.
Number of Pages in PDF File: 46
Keywords: top incomes, multidimensional measurement, richness, wealth, inequality
JEL Classification: D31, D63, I31working papers series
Date posted: September 4, 2011
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