09 - • GDP would increase 1/3 to ½ if it was...

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Guest Lecture: H. Elizabeth Peters Families and Inequality - Theoretical and conceptual issues o The family both affects and is affected by income and the way income is distributed in society o The family is a social institution that generates, pools, and redistributes income o Also invests in the next generation, which affects intergenerational mobility - Income generation o Household production Broader than income Wealth, access to resources, well-being o Measurement issues How to measure things that aren’t purchased in the market (things that don’t have an overt dollar value) Time, child and dependent care, health, leisure
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Unformatted text preview: • GDP would increase 1/3 to ½ if it was included-Implications for estimat es of inequ ality in well-b eing/access to resources o Exa mple: 2 worker vs. 1 worker family (holding nu mb er of adults and children in th e family constant) Revised poverty m e a sure would exclude child care costs and work exp ens es (ex: co m m uting costs) from inco m e 2 worker families are less likely to b e classified as b eing poor und er current poverty d efinition, but und er revised version, th ey would b e more likely Gen erally less m e a sured inequ ality using a broad er d efinition of inco m e...
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