A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being

Abstract

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Accounting for the Distribution of Income in the U.S. National Accounts

“…Similarly, CBO (2011) shows that including health-care benefi ts yields a smaller increase in inequality between 1999 and 2007. Using a more comprehensive income measure, Wolff et al (2012) fi nd a larger increase in the median income between 2000 and 2004 (an increase of 0.6 percent) compared to a decrease of 1 percent for the standard money income defi nition. Wolff et al (2012) also fi nd a smaller increase in inequality during this period.…”

“…Using MCI, Smeeding and Thompson (2011) fi nd a larger concentration of income at the top of the distribution. Wolff et al (2012) also show a larger increase in the mean and median using more comprehensive measures of income (see also Armour et al 2013).…”

“…Most studies of income and its distribution include the money income, but do not examine changes in assets, and only a few examine the impact of capital gains (e.g., CBO 2011CBO , 2012Piketty and Saez 2003;Smeeding and Thompson 2011;Wolff et al 2012;Armour, Burkhauser, and Larrimore 2013). Two recent papers present alternative measures of a more comprehensive income.…”

“…Two recent papers present alternative measures of a more comprehensive income. Wolff et al (2012) construct the Levy Institute Measure of Economic Well-Being (LIMEW) as the sum of census money income, income from wealth, net government expenditures (both cash and noncash transfers and public consumption, net of taxes), and household production. The "more complete income" (MCI) concept in Smeeding and Thompson (2011) is based on Haig-Simons income and estimated using Survey of Consumer Finance data.…”

Income, wealth and economic inequality in Australia

“…A study by Wolff et al. (: 46, Table 9) shows the American and Canadian Gini coefficients for “post‐fiscal income” in the mid‐2000s. The Australian counterpart of post‐fiscal income is non‐equivalised wealth‐adjusted final income (home excluded).…”