Household economies translate goods into well-being through production, cooperation, and distribution. Between market goods to households and well-being to persons, value is added. Income is a measure of goods, consumption well-being is measured by equivalent income. An absolute interpretation...

The standard of living of individuals does not depend so much on the income they themselves earn as on the total income of the household to which they belong and how the household organizes the use of its income. It is important to develop methods of income analysis which incorporate the...