Jones and Klenow’s Paper

The Klenow and Jones that underlies the post from Wednesday can be downloaded here. The paper isn’t required, but the general idea is.

The data that they added to go from real per capita GDP to welfare was 1) leisure time, 2) life expectancy, and 3) inequality. I don’t think it’s defendable to include inequality just because it’s politically correct, but it is defendable to include it because it gives an idea of how unrepresentative per capita GDP might be in different countries.