Distribution of Income, Wealth, and Well-Being
In addition, it is widely recognized that existing official measures of economic well-being need to be improved in order to generate accurate cross-sectional and intertemporal comparisons. The picture of economic well-being can vary significantly depending on the measure used. Alternative measures are also crucially important for the formulation and evaluation of a wide variety of social and economic policies. The Levy Institute Measure of Economic Well-Being and related research is aimed at bridging this gap.
This program area offers a broad view of what an economy is and how it functions, bringing into the analysis not only paid work but also unpaid work (subsistence activities, caring for household members, community volunteer work) as an integral and key component of any economy. Research on the intersection of gender inequality, expanded income, and time poverty was central to the development of the Levy Institute Measure of Time and Income Poverty, a new, innovative income measure that accounts for the negative impact time deficits exert on living standards. Related studies include the effects of child-care subsidies on poverty and integrating time use into the formulation of public policy.