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

Bloom, David E. and Fan, Victoria Y. and Kufenko, Vadim and Ogbuoji, Osondo and Prettner, Klaus ORCID: https://orcid.org/0000-0002-8971-8750 and Yamey, Gavin (2021) Going Beyond GDP with a Parsimonious Indicator: Inequality-Adjusted Healthy Lifetime Income. Vienna Yearbook of Population Research, 19. pp. 1-14. ISSN 1728-5305

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Abstract

Per capita GDP has limited use as a well-being indicator because it does notcapture many dimensions that imply a “good life”, such as health and equality of opportunity. However, per capita GDP has the virtues of being easy to interpret and to calculate with manageable data requirements. Against this backdrop, there is a need 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. This new indicator could beparticularly useful in complementing standard well-being indicators during the COVID-19 pandemic. This is because (i) COVID-19 predominantly affects older adults beyond their prime working ages whose mortality and morbidity do not strongly affect GDP, and (ii) COVID-19 is known to have large effects on inequality in many countries.

Item Type: Article
Keywords: beyond GDP; well-being; health; inequality; human development;lifetime income; COVID-19
Divisions: Departments > Volkswirtschaft > Makroökonomie
Version of the Document: Published
Depositing User: Gertraud Novotny
Date Deposited: 15 Mar 2021 10:04
Last Modified: 15 Mar 2021 10:04
Related URLs:
FIDES Link: https://bach.wu.ac.at/d/research/results/98991/
URI: https://epub.wu.ac.at/id/eprint/8042

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