Measurement of Changes in Economic Welfare in India: 1970–2001 |
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Authors: | Radhakrishna R Ravi C |
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Affiliation: | 16.Indira Gandhi Institute of Development Research, Mumbai, 400 065, India ;26.Centre for Economics and Social Studies, Hyderabad, 500 016, India ; |
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Abstract: | This paper provides time series estimates of measures of economic welfare, inequality, decile class specific true cost of living index and poverty measures based on 20 rounds of National Sample Survey data for the period 1970–2001. It has estimated piece-wise Linear Expenditure System (LES) for very poor, moderately poor, non-poor low and non-poor high expenditure groups for rural as well as urban areas. Money metric utility for deciles are derived from the money metric utility function and social welfare index is constructed by aggregating metric utility of the deciles. Using social welfare index as well as real per capita consumption, the paper analyses the changes in economic welfare over the three decades. Using conventional measures, the paper analyses the changes in poverty and inequality during 1970–2001. The paper also provides estimates of the welfare effects of commodity prices. |
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