This report explores recent changes in the economic measurement of wellbeing and how the new economic measures relate to equality.
In doing so, it seeks to equip the Commission with the knowledge necessary to articulate the economic value of its work in terms of the impact on the wellbeing of Victorians.
As part of developing the Commission’s expertise and capability, the report aims to:
• investigate the economics of equality
• build an understanding of the link between the Commission’s work and the wellbeing of Victorians
• provide some preliminary analysis of potential wellbeing measures that could be developed by the Commission in the future.
Economics of Equality finds that when viewing performance through the lens of lifetime happiness and capabilities rather than income-based measures of wellbeing, the freedom that individuals have and how inclusive societies are become important measures of the economic success of a society. The work of the Commission in promoting and enhancing equality can be linked with multiple benefits for Victorians through reductions in the negative effects of inequality, and the positive outcomes of more equal societies.
