By Daniel T. Slesnick
The main widely-cited social welfare statistics within the usa are in line with tabulations on relatives source of revenue. the image that emerges is reason for situation; median family members source of revenue has not often replaced during the last 25 years whereas inequality has elevated and poverty remained over and over excessive. but, consumption-based statistics as hired during this paintings yield rigorous and particularly various estimates of actual person and social welfare. heavily associated with financial thought, Professor Slesnick's exam of criteria of residing, inequality, and poverty display that the traditional of U.S. residing has grown considerably whereas inequality and poverty have diminished to fairly low degrees. His overview is drawn from prolonged interval information as a way to chart long-run tendencies.
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In the remaining four interviews, detailed expenditure information was collected and reported on a quarterly basis. Questions related to income were asked in the second and fifth interviews, with a twelve-month recall. To preserve comparability over time, it is necessary to obtain annual estimates from the quarterly expenditures reported in the surveys after 1980. Under ideal circumstances this could be done by following the households over four quarters and simply adding up their expenditures.
As I did with the PCE, I modify the BLS expenditure definition to conform as closely as possible to the model developed in Chapter 2. Gifts and cash contributions are deleted because altruism requires a conceptual framework that is different from most analyses of individual and social welfare. Pensions, retirement contributions, and Social Security payments are also removed because they represent components of saving rather than consumption. Spending on owneroccupied housing and consumer durables is replaced by the appropriate rental equivalents.
24. The aggregate food share depends not only on the level of real income but also on relative prices, the demographic composition of the population, and the distribution of income. It would be easy to construct examples in which the food share falls over time even though the standard of living is unchanged. 3.
Consumption and Social Welfare: Living Standards and their Distribution in the United States by Daniel T. Slesnick