Missed opportunities? Human welfare in Western Europe and the United States, 1913-1950

Daniel Gallardo-Albarrán
GDP suggests that the period 1913-1950 is one of missed opportunities for improving living standards in Europe. However, life in Europe during these years improved significantly, as citizens experienced dramatic declines in mortality, working time and inequality. To measure the contribution of these aspects to broader welfare, I apply a new theoretically-grounded indicator that, contrary to previous measures used in the literature, allows for a direct comparison with GDP across countries and time. I find...
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