Going Beyond GDP with a Parsimonious Indicator: Inequality-Adjusted Healthy Lifetime Income

17 Pages Posted: 24 Feb 2020

See all articles by David E. Bloom

David E. Bloom

Harvard University - T.H. Chan School of Public Health; National Bureau of Economic Research (NBER)

Victoria Fan

University of Hawaii at Manoa

Vadim Kufenko

University of Hohenheim - Institute of Economics

Osondu Ogbuoji

Duke University - Sanford School of Public Policy

Klaus Prettner

Institute of Economics; University of Goettingen (Göttingen); University of Vienna - Austrian Academy of Sciences; Vienna University of Technology - Institute for Mathematical Methods in Economics

Gavin Yamey

Duke Global Health Institute

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

JEL Classification: I31, I15, D63, O10, E01

Suggested Citation

Bloom, David E. and Fan, Victoria and Kufenko, Vadim and Ogbuoji, Osondu and Prettner, Klaus and Yamey, Gavin, Going Beyond GDP with a Parsimonious Indicator: Inequality-Adjusted Healthy Lifetime Income. IZA Discussion Paper No. 12963, Available at SSRN: https://ssrn.com/abstract=3542632

David E. Bloom (Contact Author)

Harvard University - T.H. Chan School of Public Health ( email )

677 Huntington Avenue
Boston, MA MA 02115
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National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
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Victoria Fan

University of Hawaii at Manoa

2500 Campus Road
Honolulu, HI 96822
United States

Vadim Kufenko

University of Hohenheim - Institute of Economics ( email )

Schloss-Mittelhof (Ost)
70593 Stuttgart
Germany

Osondu Ogbuoji

Duke University - Sanford School of Public Policy ( email )

Durham, NC

Klaus Prettner

Institute of Economics ( email )

Fruwirthstr. 48
Stuttgart, 70599
Germany

University of Goettingen (Göttingen) ( email )

Platz der Gottinger Sieben 3
Gottingen, D-37073
Germany

University of Vienna - Austrian Academy of Sciences ( email )

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Wien, Osterreich A-1010
Austria

Vienna University of Technology - Institute for Mathematical Methods in Economics ( email )

Argentinierstr. 8
Vienna, 1040
Austria

Gavin Yamey

Duke Global Health Institute ( email )

Trent Hall
310 Trent Drive
Durham, NC 27708
United States

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