Economists and policymakers often use average income as a way to gauge a country's "standard of living." But income alone doesn't capture overall quality of life. Should policymakers use other measures — including health, education, and even aggregate happiness — when making economic policy?
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Stevenson, Betsey, and Justin Wolfers. "Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox." Brookings Papers on Economic Activity, Spring 2008, pp. 1-87.
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