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Money isn’t Everything for Well-Being, Study Finds

The Pew Research Center recently reported that the wealth gap between American whites and blacks is the widest since the United States began tracking the statistic in 1984 — with whites, on average, having 20 times the net worth of blacks. However, another recent study contends traditional measures of prosperity that only look at economic factors, while important, are not the best gauges of overall well-being.

Tomas J. Philipson, the Daniel Levin Professor of Public Policy Studies in the University of Chicago Harris School of Public Policy Studies, co-authored the latter study, “Health and Wealth Disparities in the United States.” It shows that when health is taken into account in addition to income, the prosperity gap between blacks and whites shrinks. (more…)

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