Exact(9)
I would like to add one more statistic to your "Index of Missing Economic Indicators" (Op-Ed, Nov. 30): a true welfare measure.
Big-city boys ReprintsTrue, Welfare's willingness to let civil servants wear head-scarves in public offices contravenes a high-court ruling on the subject.
Any welfare function on X induces an ordering on X, but the converse is not true: welfare functions encode more information.
This helps to estimate the true welfare effect of agricultural cooperative membership by controlling for the self-selection problem on joining decisions.
This helps in estimating the true welfare effect of dairy hub participation by controlling the role of selection problem on participation decision.
That strategy can provide good GDP numbers but it does relatively little in terms of promoting the true welfare of the Chinese people and in raising the long-run productivity of the economy.
Similar(51)
Most experts believe that a true welfare-based price index would show significantly lower inflation than government inflation statistics indicate, because official data fail to capture the benefits of the constant flow of new goods into the economy.
Yet if it were true that welfare spending was massively slanted to support indolence and laziness, the political move for Labour would be simple: change it.
The same could be true of welfare.
It's true that welfare programs are unpopular, and from a social justice perspective that's regrettable.
It is more important than ever that the IRS and Treasury Department write new rules that are consistent with the Internal Revenue Code, clarify what constitutes political activity under the tax laws, and clearly state that true social welfare groups can spend no more than an insubstantial amount of their resources on political activity.
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