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22 - Wealth and welfare

from Part 6 - Looking backwards and to the future

Published online by Cambridge University Press:  05 September 2014

By
Martin P. Shanahan
Edited by
Simon Ville  and
Glenn Withers
Simon Ville
Affiliation:
University of Wollongong, New South Wales
Glenn Withers
Affiliation:
Australian National University, Canberra
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Summary

This chapter examines several measures of national and personal wealth and welfare in Australia. An individual's wealth refers to the stock of assets under their control at a particular moment, while their income is the flow of resources that allows them to add to that stock. In addition to a person's absolute command over resources, or their level of income relative to others, other factors, such as their health, happiness, security, freedom and access to opportunity, also impact on their welfare. The link between economic growth and changes to individual wealth and welfare is not simple, as the distribution of the benefits of growth, and the forms that it can take, vary across time and place. The chapter focuses on economic aspects of wealth, income and welfare while also recognising some of the social dimensions impacting on an individual's wellbeing. The distribution of personal resources is an element impacting on personal wealth and wellbeing.

Keywords

Australian labour marketlabour supplyFederationindustrial relationswages policyworkforce skills
Type
Chapter
Information
The Cambridge Economic History of Australia , pp. 489 - 510
Publisher: Cambridge University Press
Print publication year: 2014

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  • Wealth and welfare
  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book: The Cambridge Economic History of Australia
  • Online publication: 05 September 2014
  • Chapter DOI: https://doi.org/10.1017/CHO9781107445222.030
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  • Wealth and welfare
  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book: The Cambridge Economic History of Australia
  • Online publication: 05 September 2014
  • Chapter DOI: https://doi.org/10.1017/CHO9781107445222.030
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Wealth and welfare
  • Edited by Simon Ville, University of Wollongong, New South Wales, Glenn Withers, Australian National University, Canberra
  • Book: The Cambridge Economic History of Australia
  • Online publication: 05 September 2014
  • Chapter DOI: https://doi.org/10.1017/CHO9781107445222.030
Available formats
×