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Life Expectancy and Income Convergence in the World:A Dynamic General Equilibrium Analysis

Life Expectancy and Income Convergence in the World:A Dynamic General Equilibrium Analysis by Kenichi Ueda
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There is world-wide convergence in life expectancy, despite little convergence in GDP per capita. If one values longer life much more than material happiness, the world living standards may this have already converged substantially. This paper introduces the concept of the dynastic general equilibrium value of life to measure welfare gains from the increase in life expectancy. A calibration study finds sizable welfare gains, but these gains hardly mitigate the large inequality among countries. A conventional GDP-based measure remains a good approximation for (non) convergence in world living standards, even when adjusted for changes in life expectancy.
International Monetary Fund; June 2008
34 pages; ISBN 9781452753119
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Title: Life Expectancy and Income Convergence in the World:A Dynamic General Equilibrium Analysis
Author: Kenichi Ueda
 
ISBNs
1451914695
9781451870169
9781451914696
9781452753119