Welfare, income and socio-economic benchmarking
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This article investigates whether the global distribution of income is also a suitable indicator for the distribution of welfare. To this end a model for the behaviour of the Average Global Consumer (AGC) was developed, showing that, based on a number of assumptions, this should be the case. The hypothesis that income is a suitable indicator for welfare was tested and confirmed for six composite goods. Furthermore, a global socio-economic benchmark system was developed to indicate whether a country is under- or over-performing with respect to the supply of the six composite goods.