TY - BOOK ID - 85504723 TI - Welfare vs. Income Convergence and Environmental Externalities AU - Bannister, Geoffrey. AU - Mourmouras, Alex. PY - 2017 SN - 1484332121 1484332075 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Macroeconomics KW - Environmental Conservation and Protection KW - Equity, Justice, Inequality, and Other Normative Criteria and Measurement KW - Macroeconomics: Consumption KW - Saving KW - Wealth KW - Macroeconomics: Production KW - Employment KW - Unemployment KW - Wages KW - Intergenerational Income Distribution KW - Aggregate Human Capital KW - Aggregate Labor Productivity KW - Health Behavior KW - Comparative Studies of Countries KW - Environment and Development KW - Environment and Trade KW - Sustainability KW - Environmental Accounts and Accounting KW - Environmental Equity KW - Population Growth KW - Aggregate Factor Income Distribution KW - Health: General KW - Climate KW - Natural Disasters and Their Management KW - Global Warming KW - Health economics KW - Climate change KW - Income KW - Consumption KW - Health KW - Greenhouse gas emissions KW - Income inequality KW - National accounts KW - Environment KW - Economics KW - Greenhouse gases KW - Income distribution KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:85504723 AB - We present estimates of welfare by country for 2007 and 2014 using the methodology of Jones and Klenow (2016) which incorporates consumption, leisure, mortality and inequality, and we extend the methodology to include environmental externalities. During the period of the global financial crisis welfare grew slightly more rapidly than income per capita, mainly due to improvements in life expectancy. This led to welfare convergence in most regions towards advanced country levels. Introducing environmental effects changes the welfare ranking for countries that rely heavily on natural resources, highlighting the importance of the natural resource base in welfare. This methodology could provide a theoretically consistent and tractable way of monitoring progress in several Sustainable Development Goal (SDG) indicators. ER -