Ed Diener, Richard E. Lucas, Ulrich Schimmack, and John F. Helliwell
- Published in print:
- 2009
- Published Online:
- April 2010
- ISBN:
- 9780195334074
- eISBN:
- 9780199893928
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195334074.003.0003
- Subject:
- Psychology, Social Psychology
Economically developed societies devote considerable resources to collecting economic and social indicators to help policy makers in their deliberations about how to best increase quality of life. ...
More
Economically developed societies devote considerable resources to collecting economic and social indicators to help policy makers in their deliberations about how to best increase quality of life. These measures have had notable successes, and yet they suffer from substantial limitations. The reasons that economic and social indicators cannot reflect the full range of factors that affect quality of life are described. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs. Furthermore, it is often not clear which set of measures best reflects desirable states in various areas such as the economy. In the context of the economy, there is disagreement about which forms of goods and services need to be counted, for example whether housework should be part of the gross domestic product (GDP). Because of the shortcomings of economic and social indicators, additional information is required for wide policy making.Less
Economically developed societies devote considerable resources to collecting economic and social indicators to help policy makers in their deliberations about how to best increase quality of life. These measures have had notable successes, and yet they suffer from substantial limitations. The reasons that economic and social indicators cannot reflect the full range of factors that affect quality of life are described. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs. Furthermore, it is often not clear which set of measures best reflects desirable states in various areas such as the economy. In the context of the economy, there is disagreement about which forms of goods and services need to be counted, for example whether housework should be part of the gross domestic product (GDP). Because of the shortcomings of economic and social indicators, additional information is required for wide policy making.
Ed Diener, Richard Lucas, Ulrich Schimmack, and John Helliwell
- Published in print:
- 2009
- Published Online:
- April 2010
- ISBN:
- 9780195334074
- eISBN:
- 9780199893928
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195334074.001.0001
- Subject:
- Psychology, Social Psychology
The case is made for implementing national accounts of well-being to help policy makers and individuals make better decisions. Well-being is defined as people's evaluations of their lives, including ...
More
The case is made for implementing national accounts of well-being to help policy makers and individuals make better decisions. Well-being is defined as people's evaluations of their lives, including concepts such as life satisfaction and happiness, and is similar to the concept of “utility” in economics. Measures of well-being in organizations, states, and nations can provide people with useful information. Importantly, accounts of well-being can help decision makers in business and government formulate better policies and regulations in order to enhance societal quality of life. Decision makers seek to implement policies and regulations that increase the quality of life, and the well-being measures are one useful way to assess the impact of policies as well as to inform debates about potential policies that address specific current societal issues. This book reviews the limitations of information gained from economic and social indicators, and shows how the well-being measures complement this information. Examples of using well-being for policy are given in four areas: health, the environment, work and the economy, and social life. Within each of these areas, examples are described of issues where well-being measures can provide policy-relevant information. Common objections to using the well-being measures for policy purposes are refuted. The well-being measures that are in place throughout the world are reviewed, and future steps in extending these surveys are described. Well-being measures can complement existing economic and social indicators, and are not designed to replace them.Less
The case is made for implementing national accounts of well-being to help policy makers and individuals make better decisions. Well-being is defined as people's evaluations of their lives, including concepts such as life satisfaction and happiness, and is similar to the concept of “utility” in economics. Measures of well-being in organizations, states, and nations can provide people with useful information. Importantly, accounts of well-being can help decision makers in business and government formulate better policies and regulations in order to enhance societal quality of life. Decision makers seek to implement policies and regulations that increase the quality of life, and the well-being measures are one useful way to assess the impact of policies as well as to inform debates about potential policies that address specific current societal issues. This book reviews the limitations of information gained from economic and social indicators, and shows how the well-being measures complement this information. Examples of using well-being for policy are given in four areas: health, the environment, work and the economy, and social life. Within each of these areas, examples are described of issues where well-being measures can provide policy-relevant information. Common objections to using the well-being measures for policy purposes are refuted. The well-being measures that are in place throughout the world are reviewed, and future steps in extending these surveys are described. Well-being measures can complement existing economic and social indicators, and are not designed to replace them.
Ashwani Deshpande
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198072034
- eISBN:
- 9780199081028
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198072034.003.0003
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter outlines contours of caste disparity in modern contemporary India, evidence that seriously questions the belief that caste is irrelevant in globalizing India. It presents evidence spread ...
More
This chapter outlines contours of caste disparity in modern contemporary India, evidence that seriously questions the belief that caste is irrelevant in globalizing India. It presents evidence spread over the last 20 years, using the largest two data sets after the national census, on various indicators of material well-being. Some of these indicators have been aggregated by the author into a Caste Development Index (CDI). This index, as well as other indicators, clearly shows substantial regional variation, but no reversal of traditional caste hierarchies. The relationship between the regional distribution of the CDI and the rate of growth of state domestic product is also examined, to address whether disparities are lower in richer or faster-growing states.Less
This chapter outlines contours of caste disparity in modern contemporary India, evidence that seriously questions the belief that caste is irrelevant in globalizing India. It presents evidence spread over the last 20 years, using the largest two data sets after the national census, on various indicators of material well-being. Some of these indicators have been aggregated by the author into a Caste Development Index (CDI). This index, as well as other indicators, clearly shows substantial regional variation, but no reversal of traditional caste hierarchies. The relationship between the regional distribution of the CDI and the rate of growth of state domestic product is also examined, to address whether disparities are lower in richer or faster-growing states.
E. Philip Davis
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198233312
- eISBN:
- 9780191596124
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198233310.003.0007
- Subject:
- Economics and Finance, Financial Economics
In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of ...
More
In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of December 1973, the Herstatt crisis of June 1974, the advent of the LDC Debt Crisis in August 1982, the crisis in the FRN market of December 1986, the equity market crash of October 1987, and the US thrifts crises of the 1980s. Background on wholesale financial markets—in which most of the crises occurred—is provided in Sect. 1. In Sect. 2, the events of the periods of financial disorder are outlined. Three crises took place largely in international capital markets; one linked international and domestic and the other two were purely in domestic financial markets. Virtually all occurred in unregulated or liberalized financial markets. Section 3 sets these crises in the context of the long‐run behaviour of prices and quantities in the financial markets with a graphical illustration of the 1966–90 period. The behaviour of key economic indicators as well as market prices and quantities surrounding these events is examined in more detail in Sect. 4. These sections permit a qualitative evaluation in Sect. 5 of the theories of crisis; the results also cast light on the behaviour of financial markets under stress and give indications of appropriate policy responses.Less
In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of December 1973, the Herstatt crisis of June 1974, the advent of the LDC Debt Crisis in August 1982, the crisis in the FRN market of December 1986, the equity market crash of October 1987, and the US thrifts crises of the 1980s. Background on wholesale financial markets—in which most of the crises occurred—is provided in Sect. 1. In Sect. 2, the events of the periods of financial disorder are outlined. Three crises took place largely in international capital markets; one linked international and domestic and the other two were purely in domestic financial markets. Virtually all occurred in unregulated or liberalized financial markets. Section 3 sets these crises in the context of the long‐run behaviour of prices and quantities in the financial markets with a graphical illustration of the 1966–90 period. The behaviour of key economic indicators as well as market prices and quantities surrounding these events is examined in more detail in Sect. 4. These sections permit a qualitative evaluation in Sect. 5 of the theories of crisis; the results also cast light on the behaviour of financial markets under stress and give indications of appropriate policy responses.
Ashwani Deshpande
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198072034
- eISBN:
- 9780199081028
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198072034.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The previous chapters suggest that identity matters in the real world, even in strongly market-oriented situations. What happens when there are overlapping identities? There are several contexts ...
More
The previous chapters suggest that identity matters in the real world, even in strongly market-oriented situations. What happens when there are overlapping identities? There are several contexts where identity has multiple contours and every individual simultaneously has multiple identities: race, religion, nationality, gender, and so forth. This chapter focuses on two important definitions of identity in the Indian context: caste and gender. It reports the evidence on the changing nature of that overlap. In addition to economic indicators, it also discusses the evidence on women's autonomy and decision-making ability within the household and on domestic violence, based on two rounds of a large survey. Recent evidence suggests that women from castes lowest in the hierarchy are trapped in a cesspool of poverty, deprivation, and reduced autonomy.Less
The previous chapters suggest that identity matters in the real world, even in strongly market-oriented situations. What happens when there are overlapping identities? There are several contexts where identity has multiple contours and every individual simultaneously has multiple identities: race, religion, nationality, gender, and so forth. This chapter focuses on two important definitions of identity in the Indian context: caste and gender. It reports the evidence on the changing nature of that overlap. In addition to economic indicators, it also discusses the evidence on women's autonomy and decision-making ability within the household and on domestic violence, based on two rounds of a large survey. Recent evidence suggests that women from castes lowest in the hierarchy are trapped in a cesspool of poverty, deprivation, and reduced autonomy.
Allen J. Scott
- Published in print:
- 2008
- Published Online:
- October 2011
- ISBN:
- 9780199549306
- eISBN:
- 9780191701511
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549306.003.0003
- Subject:
- Business and Management, International Business, Political Economy
This chapter analyses the economic structure of American metropolitan areas, and the forms of production that contribute to its urbanization. It begins by revealing statistical points of growth and ...
More
This chapter analyses the economic structure of American metropolitan areas, and the forms of production that contribute to its urbanization. It begins by revealing statistical points of growth and transformation of metropolitan economies, and evaluating broad occupational characteristics of metropolitan areas (with a focus on manufacturing activities). It provides analysis on cognitive-cultural economic activities (e.g., fashion industries, tourism and entertainment, hotel service, etc.) and their contributions to the economy of famous large metropolises in America, including Las Vegas, Nashville, Reno, and others.Less
This chapter analyses the economic structure of American metropolitan areas, and the forms of production that contribute to its urbanization. It begins by revealing statistical points of growth and transformation of metropolitan economies, and evaluating broad occupational characteristics of metropolitan areas (with a focus on manufacturing activities). It provides analysis on cognitive-cultural economic activities (e.g., fashion industries, tourism and entertainment, hotel service, etc.) and their contributions to the economy of famous large metropolises in America, including Las Vegas, Nashville, Reno, and others.
Derek Birrell
- Published in print:
- 2009
- Published Online:
- March 2012
- ISBN:
- 9781847422255
- eISBN:
- 9781447303862
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781847422255.003.0009
- Subject:
- Sociology, Urban and Rural Studies
This chapter examines some of the available evidence for comparing social need and the outcome of provision and expenditure since devolution. Five different types of comparative evidence are explored ...
More
This chapter examines some of the available evidence for comparing social need and the outcome of provision and expenditure since devolution. Five different types of comparative evidence are explored in this chapter: socio-economic and health indicators; input of public expenditure per head on services; data on aspects of provision; assessments by the devolved administrations; and national audit office evaluations of performance.Less
This chapter examines some of the available evidence for comparing social need and the outcome of provision and expenditure since devolution. Five different types of comparative evidence are explored in this chapter: socio-economic and health indicators; input of public expenditure per head on services; data on aspects of provision; assessments by the devolved administrations; and national audit office evaluations of performance.
Govind Bhattacharjee
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780199460830
- eISBN:
- 9780199086528
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199460830.001.0001
- Subject:
- Political Science, Indian Politics
Eleven economically backward hill states of India sharing international boundaries comprise the group of ‘Special Category States’. Lacking in economic resources and being geographically isolated ...
More
Eleven economically backward hill states of India sharing international boundaries comprise the group of ‘Special Category States’. Lacking in economic resources and being geographically isolated from the rest of the country, they not only suffer from serious physical and economic handicaps, but protracted phases of violent militancy had further stymied the development of many of these states. To address their problems, Centre has awarded them the ‘Special Category Status’ which gives them perpetual access to Central plan assistance on liberal terms, but without creating the necessary institutional and accountability mechanisms. The scale of backwardness of individual states is not considered and neither is there any performance expectation from them. In the absence of an appropriate structure, the arrangement only created a group of states which, barring a few exceptions, remained perpetually dependent on central funding for their survival and sustenance. Now that fresh demands are being raised by some states for this status, these issues are assuming increasing importance. However, no objective assessment of the Special Category Status has ever been made in the public domain. This book explores the reality of the special category states, going down to the roots of their backwardness. Examining the reality of these states in the context of asymmetric federalism in India and analysing stupendous amounts of data, it traces their socio-economic progress and public financial management ever since the status was first awarded in 1969. The book presents a critical evaluation of the mechanism of special category status and raises a number of extremely relevant issues.Less
Eleven economically backward hill states of India sharing international boundaries comprise the group of ‘Special Category States’. Lacking in economic resources and being geographically isolated from the rest of the country, they not only suffer from serious physical and economic handicaps, but protracted phases of violent militancy had further stymied the development of many of these states. To address their problems, Centre has awarded them the ‘Special Category Status’ which gives them perpetual access to Central plan assistance on liberal terms, but without creating the necessary institutional and accountability mechanisms. The scale of backwardness of individual states is not considered and neither is there any performance expectation from them. In the absence of an appropriate structure, the arrangement only created a group of states which, barring a few exceptions, remained perpetually dependent on central funding for their survival and sustenance. Now that fresh demands are being raised by some states for this status, these issues are assuming increasing importance. However, no objective assessment of the Special Category Status has ever been made in the public domain. This book explores the reality of the special category states, going down to the roots of their backwardness. Examining the reality of these states in the context of asymmetric federalism in India and analysing stupendous amounts of data, it traces their socio-economic progress and public financial management ever since the status was first awarded in 1969. The book presents a critical evaluation of the mechanism of special category status and raises a number of extremely relevant issues.
Marc Fleurbaey and Didier Blanchet
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199767199
- eISBN:
- 9780199332557
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199767199.003.0001
- Subject:
- Economics and Finance, Public and Welfare
This introductory chapter begins with a brief discussion of the need to find better alternatives to GDP or GNP as the main indicator of social progress and countries’ success. It suggests that the ...
More
This introductory chapter begins with a brief discussion of the need to find better alternatives to GDP or GNP as the main indicator of social progress and countries’ success. It suggests that the design of good indicators of social performance should ideally be the collective endeavor of social scientists from many disciplines, and should rely on the views of the populations whose well-being is to be measured. The chapter then describes four approaches (the “four musketeers”) discussed in this book, that seek to fight the power of GDP, along with an overview of the subsequent chapters.Less
This introductory chapter begins with a brief discussion of the need to find better alternatives to GDP or GNP as the main indicator of social progress and countries’ success. It suggests that the design of good indicators of social performance should ideally be the collective endeavor of social scientists from many disciplines, and should rely on the views of the populations whose well-being is to be measured. The chapter then describes four approaches (the “four musketeers”) discussed in this book, that seek to fight the power of GDP, along with an overview of the subsequent chapters.
Alan N. Rechtschaffen
- Published in print:
- 2014
- Published Online:
- May 2014
- ISBN:
- 9780199971541
- eISBN:
- 9780199361458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199971541.003.0004
- Subject:
- Law, Company and Commercial Law
This chapter provides an overview of interest rates and their impact on the economy. It first outlines the composition, purpose, and responsibilities of the Federal Reserve before turning to a ...
More
This chapter provides an overview of interest rates and their impact on the economy. It first outlines the composition, purpose, and responsibilities of the Federal Reserve before turning to a discussion of federal funds transactions and the federal funds rate. It then explains how control over the banking system generally and over federal funds in particular allows the Federal Reserve to influence interest rates and implement monetary policy. It also examines some of the key economic indicators used by the Federal Reserve in making monetary policy decisions. In addition, it considers the relationship between asset pricing and short-term interest rates and the role of the Federal Open Market Committee (FOMC) in setting interest rates. Furthermore, the chapter looks at inflation targeting and the Fed’s reaction to the financial crisis.Less
This chapter provides an overview of interest rates and their impact on the economy. It first outlines the composition, purpose, and responsibilities of the Federal Reserve before turning to a discussion of federal funds transactions and the federal funds rate. It then explains how control over the banking system generally and over federal funds in particular allows the Federal Reserve to influence interest rates and implement monetary policy. It also examines some of the key economic indicators used by the Federal Reserve in making monetary policy decisions. In addition, it considers the relationship between asset pricing and short-term interest rates and the role of the Federal Open Market Committee (FOMC) in setting interest rates. Furthermore, the chapter looks at inflation targeting and the Fed’s reaction to the financial crisis.
Diane J. Macunovich
- Published in print:
- 2002
- Published Online:
- February 2013
- ISBN:
- 9780226500836
- eISBN:
- 9780226500928
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226500928.001.0001
- Subject:
- Economics and Finance, Microeconomics
Between 1965 and 1985, the Western world and the United States in particular experienced a staggering amount of social and economic change. This book argues that the common thread underlying all ...
More
Between 1965 and 1985, the Western world and the United States in particular experienced a staggering amount of social and economic change. This book argues that the common thread underlying all these changes was the post-World War II baby boom—in particular, the passage of the baby boomers into young adulthood. The author focuses on the pervasive effects of changes in “relative cohort size,” the ratio of young to middle-aged adults, as masses of young people tried to achieve the standard of living to which they had become accustomed in their parents' homes despite dramatic reductions in their earning potential relative to that of their parents. She presents the results of detailed empirical analyses that illustrate how varied and important cohort effects can be on a wide range of economic indicators, social factors, and even on more tumultuous events including the stock market crash of 1929, the “oil shock” of 1973, and the “Asian flu” of the 1990s. The book demonstrates that no discussion of business or economic trends can afford to ignore the effects of population.Less
Between 1965 and 1985, the Western world and the United States in particular experienced a staggering amount of social and economic change. This book argues that the common thread underlying all these changes was the post-World War II baby boom—in particular, the passage of the baby boomers into young adulthood. The author focuses on the pervasive effects of changes in “relative cohort size,” the ratio of young to middle-aged adults, as masses of young people tried to achieve the standard of living to which they had become accustomed in their parents' homes despite dramatic reductions in their earning potential relative to that of their parents. She presents the results of detailed empirical analyses that illustrate how varied and important cohort effects can be on a wide range of economic indicators, social factors, and even on more tumultuous events including the stock market crash of 1929, the “oil shock” of 1973, and the “Asian flu” of the 1990s. The book demonstrates that no discussion of business or economic trends can afford to ignore the effects of population.
Ivar Lødemel and Heather Trickey
- Published in print:
- 2001
- Published Online:
- March 2012
- ISBN:
- 9781861341952
- eISBN:
- 9781447301462
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781861341952.003.0001
- Subject:
- Sociology, Comparative and Historical Sociology
This chapter provides a working definition of workfare, which is used in this book. The discussion identifies key elements of workfare programmes, and outlines the policy context for workfare ...
More
This chapter provides a working definition of workfare, which is used in this book. The discussion identifies key elements of workfare programmes, and outlines the policy context for workfare policies in a discussion of a move from ‘passive’ to ‘active’ labour market policies. An ideological context is presented in the discussion of two competing concepts — ‘dependency’ and ‘social exclusion’ — in relation to worklessness. The chapter then presents the structural context for workfare, as well as giving a presentation of key economic indicators in the seven countries and a description of differences in welfare state and social assistance regimes.Less
This chapter provides a working definition of workfare, which is used in this book. The discussion identifies key elements of workfare programmes, and outlines the policy context for workfare policies in a discussion of a move from ‘passive’ to ‘active’ labour market policies. An ideological context is presented in the discussion of two competing concepts — ‘dependency’ and ‘social exclusion’ — in relation to worklessness. The chapter then presents the structural context for workfare, as well as giving a presentation of key economic indicators in the seven countries and a description of differences in welfare state and social assistance regimes.
Harley Frazis and Jay Stewart
- Published in print:
- 2010
- Published Online:
- February 2013
- ISBN:
- 9780226001432
- eISBN:
- 9780226001463
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226001463.003.0010
- Subject:
- Economics and Finance, Microeconomics
This chapter focuses on the Bureau of Labor Statistics differences in work hours. The number of hours that people work for pay is an important economic measure for labor utilization and it is also ...
More
This chapter focuses on the Bureau of Labor Statistics differences in work hours. The number of hours that people work for pay is an important economic measure for labor utilization and it is also the denominator of other key economic indicators such as productivity and hourly earnings. Thus, differences in measured hours between surveys can lead to substantial differences in measured productivity and wages. The chapter mentions that the different trends in hours measures account for nearly all of the divergence between hourly wages from the National Income and Product Accounts, which use hours derived from the establishment-based Current Employment Statistics program (CES), and estimates from the household-based Current Population Survey (CPS). It tries to reconcile the differences between the CPS and CES hours series, and simulates the CES sample using CPS data to show how differences in the two surveys contribute to divergence in average weekly hours.Less
This chapter focuses on the Bureau of Labor Statistics differences in work hours. The number of hours that people work for pay is an important economic measure for labor utilization and it is also the denominator of other key economic indicators such as productivity and hourly earnings. Thus, differences in measured hours between surveys can lead to substantial differences in measured productivity and wages. The chapter mentions that the different trends in hours measures account for nearly all of the divergence between hourly wages from the National Income and Product Accounts, which use hours derived from the establishment-based Current Employment Statistics program (CES), and estimates from the household-based Current Population Survey (CPS). It tries to reconcile the differences between the CPS and CES hours series, and simulates the CES sample using CPS data to show how differences in the two surveys contribute to divergence in average weekly hours.
