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MEASURES OF WELL-BEING

New Research Breaks Down How Health and Wealth Impact Well-Being

Neha Bairoliya, University of Southern CaliforniaOctober 30, 2023November 8, 2023
seniors
Sections
  • Business
  • Society
Topics
  • disparities
  • Equity
  • inequality
  • Public Health
  • wealth
  • Well Being

Imagine you’re 60 years old, well-off financially, and ready to retire soon. After decades of work, you’ve socked away a sizable nest egg to support yourself and your family. Are you happy?

For most economists, the answer lies in the size of your retirement accounts. We tend to measure well-being in terms of income (what we earn), wealth (what we have), and consumption (what we buy). When we compare people and track inequality, we focus on gaps in income or wealth.

Money matters, of course. It provides the resources to secure our needs and the agency to pursue our wants. But, as aphorisms express, money isn’t everything. I’m part of a group of economists trying to expand how we define and measure well-being to include things like how healthy we are, how long we live, and how much leisure time we have.

Read the full article at Fast Company.

This article was produced by Footnote in partnership with the University of Southern California Marshall School of Business.

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Contributed by

Neha Bairoliya

Neha Bairoliya

Assistant Professor, Department of Finance and Business Economics at the Marshall School of Business
Associate Associate Editor, Economic Inquiry
University of Southern California

Dr. Neha Bairoliya is an assistant professor in the department of finance and business economics at the University of Southern California’s Marshall School of Business

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