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Measuring Socioeconomic Effects When Using Income as Quality of Life Indicator
Author(s) -
Lee Maw Lin,
Liu Benchieh
Publication year - 1988
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/j.1536-7150.1988.tb02022.x
Subject(s) - socioeconomic status , welfare , consumption (sociology) , economics , stock (firearms) , quality (philosophy) , conceptual framework , public economics , econometrics , environmental economics , geography , sociology , population , social science , philosophy , demography , archaeology , epistemology , market economy
A bstract . By generalizing Stigler and Becker's idea of maintaining the “ capital stock intact ,” and incorporating it with other contributions to welfare economic analysis, this paper presents a modified conceptual framework for measuring and adjusting impacts of socioeconomic and environmental factors when income or consumption expenditure is used solely as a quality of life indicator. Such measurements and adjustments are made for differences in public needs and in the process of satisfying these needs. Application of this conceptual framework is illustrated, using statistics on police protection and crime rates.