Premium
HOUSEHOLDS, GOODS, AND WELL‐BEING
Author(s) -
Ringen Stein
Publication year - 1996
Publication title -
review of income and wealth
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.024
H-Index - 57
eISSN - 1475-4991
pISSN - 0034-6586
DOI - 10.1111/j.1475-4991.1996.tb00192.x
Subject(s) - economics , consumption (sociology) , equivalence (formal languages) , production (economics) , value (mathematics) , income distribution , distribution (mathematics) , inequality , microeconomics , labour economics , mathematical analysis , social science , mathematics , sociology , linguistics , philosophy , machine learning , computer science
Household economies translate goods into well‐being through production, co‐operation, and distribution. Between market goods to households and well‐being to persons, value is added. Income is a measure of goods, consumption well‐being is measured by equivalent income. An absolute interpretation of equivalent income is argued as the value to persons of consumption well‐being after household economies. Guidance is suggested on the choice of equivalence scales, and for the measurement of well‐being and inequality.